Currell Commercial’s step-by-step guide to letting commercial property in London is designed to take landlords though the letting process, from deciding which price to rent your property to property management.
When assessing the value of your property, a few things to consider include:
Currell Commercial’s professional letting agents can provide you with a value to successfully market your property. Please give us a ring or call into our Commercial office at 309 Upper Street, Islington, London N1, and our letting agent staff will be happy to assist you.
If you are thinking of letting your commercial property, you may wish to consider the following things:
The law states that as a landlord you must make certain checks before you let your commercial property. Currently the following regulations apply:
For peace of mind, a commercial property estate agent, such as Currell Commercial, is able to help you let your commercial property in a number of ways:
Currell Commercial will conduct viewings for you. Before every viewing, you should make sure your property is clean, tidy and curtains allow as much natural light as possible to come in.
If you are in your commercial property when your prospective tenants come to view it, make sure you are able to provide all the information you are asked for and are as friendly as possible. A good first impression is very important, as prospective tenants are far more likely to rent a property from an amenable landlord.
We should then soon be able to let you know about the prospective tenant’s situation, their offer, their references and the term they wish to rent your property for.
To ensure you get the best tenant possible, Currell Commercial Letting Agents check your prospective tenants with:
The Contract (Assured Shorthold Tenancy agreement) protects your rights as a landlord, but you may wish to also get:
The best way to make sure you have good commercial property tenants is to be a good commercial property landlord. Meet your tenants, provide them with all the relevant contact numbers and look after them as you hope they will look after your property.
Before a tenant moves in, a professional inventory should be taken, including photographs, if there is anything of value or note in the property.
An inventory is your record of the contents and condition of your property before a tenant moves in. Both you the landlord and your new tenants should check the inventory and sign that they agree to the entire document.
When your tenants move out, a check-out inventory should be conducted to assess the state of the property and its contents. This will determine whether any deductions should be made from the deposit, before it is returned on the expiration of the tenancy.
When you let your London commercial property, you may wish to use a Property Management service. This will give them the responsibility of looking after the property and all the needs and demands of the tenant, including:
As rental income is taxable as income, you may wish to speak to your accountant, about the tax implications and potential tax deductibles that you will be responsible for and entitled to. If you own a property that is not your main residence (i.e. one that you rent out), you should speak to your accountant about Capital Gains Tax (CGT) responsibility.
For further advice and information, please contact commercial property letting agents Currell Commercial. Whether you are going to let office space, a shop or industrial units, we can find the right tenants for you. Or for more information, please give us a ring or come into our Commercial office at 309 Upper Street, Islington, London N1, and our staff will be happy to assist you.