Hospitality accountants in Ballarat, Sky Accountants, give tips on potential traps to avoid in your leasing contract. It is very important to check your contract when renewing your lease and if you are not careful, you may fall into several traps.
Accountants Ballarat & Bookkeepers Ballarat
It is very important to check your contract when renewing your lease and if you are not careful, you may fall into several traps. Hospitality accountants Sky Accountants, give tips on potential traps to avoid in your leasing contract.
For one, the option window is the period from the first date to the last date set for the “exercise of the option.” During this period, the tenant can take up the additional lease period and serve a written notice to the landlord. This is very technical and should be checked early on. If you get it wrong, the whole exercise of the option will be invalid. You have to properly talk to your landlord, otherwise, you may lose a thriving business if you don’t have a lease in case the landlord asks you to leave or charge exorbitant rent. Remember to set a reminder as the option window nears to avoid mistakes.
Meanwhile, your landlord will decide on the market rent review when you’re about to renew your lease. They will assess the same premises in the same market to decide a suitable lease. Your lease will increase every year by consumer price index or a fixed percent. Landlords often require a market review upon renewal so if you can, make sure you just have a fixed increase in your lease. You may not get to avoid the increase but at least there’s some certainty.
Accountants Ballarat & Bookkeepers Ballarat
For those who have a market rent review, talk to your landlord about it even before the option window so you have enough time to negotiate. Check your lease now to see if you have a market rent review or fixed increase on the exercise option.
Lastly, one of the common tenant mistakes is giving improper notice. Remember that legal procedures cannot be executed through email because properties are involved in leases and properties practice traditional law. Leases have to be in writing, signed and delivered so you should avoid texting or emailing your landlord. Check the rules when it comes to serving proper notice. Even if you do it on time but send it incorrectly, you may still have a misunderstanding and the landlord may even ask you to vacate the premises.
Know the repercussions and terminology to err on the side of caution and consult with experts before taking any actions.
Consult the experts about lease contracts. Click here to speak to experts who specialise in the hospitality industry. We are big believers in the use of professional tools to manage your business. The right tools can streamline your processes so that the business is best placed to trade profitably.
You can click here to speak to a business, accounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
Business Accountants Ballarat | Ballarat Accountants | Ballarat Accounting Firms | Ballarat Bookkeeping Firms | Ballarat Bookkeepers | Restaurant Accountants in Ballarat | Accountants for Manufacturing Business in Ballarat | Farm Accountants in Ballarat | Accountants for Medical Professionals in Ballarat | Accountants for Tradies in Ballarat | Company Accountants in Ballarat | Company Bookkeepers in Ballarat | Casino Accountants in Ballarat | Spa Accountants in Ballarat | Cafe Accountants in Ballarat | Hotel Accountants in Ballarat | Accountants for Builders in Ballarat | Ballarat SMSF Accountants | Xero Accountants Ballarat | Ballarat Mortgage Broker | Ballarat Financial Advisers
Phone: 1300 328 855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354
Business Accountants Melbourne | Melbourne Accountants | Melbourne Accounting Firms | Melbourne Bookkeepers | Melbourne Bookkeeping Firms | Restaurant Accountants in Melbourne | Accountants for Manufacturing Business in Melbourne | Farm Accountants in Melbourne | Accountants for Medical Professionals in Melbourne | Accountants for Tradies in Melbourne | Company Accountants in Melbourne | Company Bookkeepers in Melbourne | Casino Accountants in Melbourne | Spa Accountants in Melbourne | Cafe Accountants in Melbourne | Hotel Accountants in Melbourne | Accountants for Builders in Melbourne| Melbourne SMSF Accountants | Xero Accountants Melbourne | Melbourne Mortgage Brokers | Melbourne Financial Advisers
Business Accountants Sunbury | Sunbury Accountants | Sunbury Accounting Firms | Sunbury Bookkeeping Firms | Sunbury Bookkeepers | Restaurant Accountants in Sunbury | Accountants for Manufacturing Business in Sunbury | Farm Accountants in Sunbury | Accountants for Medical Professionals in Sunbury | Accountants for Tradies in Sunbury | Company Accountants in Sunbury | Company Bookkeepers in Sunbury | Casino Accountants in Sunbury | Spa Accountants in Sunbury | Cafe Accountants in Sunbury | Hotel Accountants in Sunbury | Accountants for Builders in Sunbury | Sunbury SMSF Accountants | Xero Accountants Sunbury | Sunbury Mortgage Brokers | Sunbury Financial Advisers
Business Accountants Gisborne | Gisborne Accountants | Gisborne Accounting Firms | Gisborne Bookkeeping Firms | Gisborne Bookkeepers | Restaurant Accountants in Gisborne | Accountants for Manufacturing Business in Gisborne | Farm Accountants in Gisborne | Accountants for Medical Professionals in Gisborne | Accountants for Tradies in Gisborne | Company Accountants in Gisborne | Company Bookkeepers in Gisborne | Casino Accountants in Gisborne | Spa Accountants in Gisborne | Cafe Accountants in Gisborne | Hotel Accountants in Gisborne | Accountants for Builders in Gisborne | Gisborne SMSF Accountants | Xero Accountants Gisborne | Gisborne Mortgage Brokers | Gisborne Financial Advisers
Phone: 03 97444522
Sunbury Office Address: Suite 13, 33-35 Macedon Street, Sunbury, Victoria 3429, Australia
Gisborne Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia
Postal Address: PO Box 270 Gisborne Victoria 3437
To view the original content, click here