Landlord & Tenant


Leasing a property in Dublin

A business will often lease a premises, either retail or office, from which to trade. A solicitor should be consulted to advice about the terms and conditions of the Lease document as some may contain clauses that may prove to be onerous or costly. A typical advice letter from a solicitor should explain the legal significance of;

  • The term of the lease extending beyond 5 years;
  • The right of renewal upon expiry of the term;
  • The requirement of a personal guarantee and how to limit the risk;
  • The right to terminate the lease before expiry of the term;
  • The five yearly rent review;
  • The obligation on the part of the tenant to maintain and repair the property;
  • The outgoings such as rates, service charge, insurance and any taxes;
  • The deposit and other security requirements;
  • Renunciation of Tenant rights.

Most of these terms are negotiable when a new lease is being created.

 

Assignment of an existing Lease.

A Lease that is being assigned to a new tenant from an existing tenant contains terms and conditions that are generally difficult to negotiate due to the fact that the Landlord is not a party to the negotiations. The outgoing tenant in Ireland assigning the Lease has no power to vary its terms. An application will be lodged with the Landlord for consent to the assignment and he cannot unreasonably withhold such consent. However in the current climate Landlords in Dublin are more amenable to accommodating a new tenant especially if he is likely to be more viable than the departing tenant. It is important to know that taking on an existing Lease involves taking on all the burdens that come with that Lease and the departing Tenant is off the hook once the assignment is completed.

 

Personal Guarantees.

A Landlord will frequently require a tenant that is trading with a limited company to give a personal guarantee. This is required as the tenant company may not have the financial strength to satisfy the Landlord that it will be able to pay the rent and perform the lease obligations. The directors or shareholders will be required to enter into the personal guarantee. This guarantee should never be open ended and can by negotiation with the Landlord be restricted so that the exposure of the guarantor is limited.

 

Rent Reviews

Upwards only rent reviews have been abolished in Ireland since 2010, however leases created prior to that date and which contain rent review clauses will continue to be valid and it is important to be alert to this if you propose taking on the remaining term of an existing Lease.


Download our 'Landlord & Tenant - The Seven Deadly Sins'

 

At O’Shea Legal we have the benefit of over thirty years experience in advising landlords in Dublin who wish to create a new Lease and tenants who wish to take on a new or existing lease. We can negotiate favourable terms for landlords and tenants and apply the benefit of our expertise in order to minimise the risk to your business and save you time and money.

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So why not get a no obligation fixed fee quote now. You could save a lot of money. If you have questions, why not call or email us now without obligation and we will be happy to answer your queries without charge.

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