Richard Knaggs, Commercial Property Solicitor, issues warning to tenants regarding Stamp Duty Land Tax as he explains more to Tees Business Magazine.
As a commercial property solicitor, I act on behalf of both tenants and landlords regarding the leasing of commercial properties.
Whether you are landlord or tenant, it’s always a good idea to have a solicitor to look over the details of your lease, not only to ensure that the terms reflect the agreement between the parties, but also to allow you to be advised as to any additional payment obligations that may arise.
For example, tenants aren’t always aware that they may be due to pay Stamp Duty Land Tax (SDLT) on top of their lease – and not doing so could result in a fine.
SDLT is just another tax imposed by the UK government on various property-related transactions, including leases.
Whilst it is commonly acknowledged that SDLT applies in the context of purchasing property, tenants are often unaware of this tax when entering into a lease.
I recently had the opportunity to work with a client who, like many others, was unaware of the potential stamp duty liabilities that came with being a tenant under a lease.
If you’re entering into a lease agreement, particularly on larger or higher value commercial property premises, getting a solicitor to look over the details can help you avoid a massive headache and gain clarity on the full cost of your transaction.
We support both landlords and tenants to understand their contractual obligations and ensure they are as favourable as they can possibly be, in their unique circumstances.
For more information, contact Richard Knaggs on 01642 356500.
