Updated 12 February 2016
Words you may need to know
Negotiating - agreeing / discussing
Tenant - the person renting the property. They are also called the lessee. The person who owns the property is called the Lessor
Surveyed - a very detailed examination of something
You should seek professional legal advice when negotiating the terms of a lease.
One of the things you have to carefully consider is who is responsible for looking after the property. Some leases are what is called "full repairing" which means that repairs are the tenants responsibility. If you take on an old building, that might prove to be very costly and you should think about having the property properly surveyed before taking on the lease.
Another cost might be insurance where you undertake to insure the property in case of damage, fire , water etc.
You should ask who has to pay for the cost of preparing the lease as sometimes it falls to the person renting, the tenant. At other times it may be shared fifty / fifty between the landlord and tenant but more often the lessee is asked to pay the full costs.
It is always worth getting advice before signing a lease agreement. Jersey Business offer free advice on business matters and may be able to help. Their telephone number is 610300 and they can be found at 31 The Parade, St Helier, JE2 3QQ. Their offices are open as follows:
Monday to Thursday
9.00 am to 5.00 pm
9.00 am to 4.00 pm