New fixed price scheme for commercial tenants

Harrison Drury has launched a new fixed price legal costs scheme, available to tenants taking on leases of commercial premises which have annual rents up to £20,000 (exclusive of VAT).

Who is it aimed at?

The different levels of service will assist clients taking a lease for the very first time and also those more experienced in property transactions.

Why have we launched it?

Leases create legally binding obligations on tenants, and rental and other lease commitments over the term of the lease can be substantial. To avoid any ‘nasty surprises’, commercial tenants need to be aware of their obligations under the lease and there are often times when clients are either unaware of what their solicitor will be doing or the costs involved in doing that work. In the interests of providing clarity as to the work to be done, and the costs of such work, Harrison Drury offers three different levels of fixed fee.  

What are the levels of service?

Level 1: Review of lease; obtaining the landlord’s title; providing a summary of principal lease terms; and preparing and submitting the stamp duty land tax return

Level 2: Review of lease; obtaining the landlord’s title; single round of negotiation of the form of lease; providing a summary of principal lease terms; and preparing and submitting the stamp duty land tax return

Level 3: Review of lease; investigating landlord’s title; reviewing and reporting on pre-lease searches (local, environmental, drainage, chancel repair, highways); reporting on landlord’s replies to pre-lease enquiries; full negotiation of the form of lease; providing a summary of principal lease terms; and preparing and submitting the stamp duty land tax return

What are the fixed prices?

Three price levels are available £600 plus VAT (level 1), £950 plus VAT (level 2) and £1,500 plus VAT (level 3).

There is an additional £100 for attending to Land Registry application if the lease is for a term of more than seven years and is compulsory registerable or if the lease is for a term between three and seven years and the tenant requires us to note the lease against the landlord’s title.

For further information contact Harrison Drury on 01772 258321.