The complex world of commercial property law was demystified when a panel of legal and financial experts delivered a seminar to industry leaders.
Watertight tenancy agreements, protecting the landlord’s position if a tenant defaults, and practical steps to recover debt were subjects topping the agenda at the event.
Organised by Cartmell Shepherd Solicitors, the breakfast seminar attracted some of Cumbria’s most recognised names in the sector.
Landlord Rights: What You Need to Know About Your Commercial Property took place in Carlisle on Thursday, January 16 and featured a panel of expert speakers from Cartmell Shepherd and accountants Dodd & Co.
Jonathan Carroll, who is a director at Cartmell Shepherd and was part of the panel, outlined the detailed requirements behind solid contractual agreements, and told the audience that getting it right from the start was essential to avoid potential problems in the future.
“What you spend at the beginning of a rental agreement on accountants and lawyers is optional but it’s an investment,” he said. “Money spent down the line on sorting out issues is necessary but could potentially have been avoided.”
The event also included advice about what to do – and what not to do – when things go wrong such as a tenant defaulting on rent, and the options available for recovering possession and obtaining unpaid rent arrears.
Another panel member, Rob Winder, a senior associate at Cartmell Shepherd who specialises in property disputes, said: “As well as building in as much protection as possible from the start, landlords should make sure they’ve done their homework on any potential new tenant and have guarantors in place. It’s also a good idea to regularly inspect rental properties and keep in touch with tenants.
“If a problem does arise, such as unpaid rent, then always get professional advice from your agent and/or solicitor before taking any action because any steps you take could have legal implications.”
Along with Jonathan and Rob, the panel also included senior associate solicitor, Stephanie Johnson and debt recovery manager Carly Davies from Cartmell Shepherd, and Jonathan Ridley, who is a tax partner at Dodd & Co.
