Providing information to support business owners with some of the more common decisions and considerations that you would need to take into account when moving business premises, from taking a commercial lease or buying a property to tips on who you should seek help from at each stage.
A licence could be a benefit to a start-up or small business looking for a short term property solution. Typically a licence will be available for buildings occupying a number of businesses, but they are generally more flexible, offering contracts for a period of one year or less and can usually be terminated at short notice.
“It’s flexible and can be a good way to get an indication as to whether your business would flourish in a certain area.” says Paul from RICS (Royal Institution of Chartered Surveyors).
You should consider the fact that a licence gives you no automatic right to renew once it has expired and that it is technically not a tenancy agreement (it requires no rental payments but rather a licence fee or series of fees).
“The disadvantage is that regardless of how well you have been trading from the property, you may have no rights to stay if the licensor wants the building back.” adds Jonathan from Talkspace Group.
Tip: Terms vary considerably with licences so you should check how often your licence fee needs to be paid so you can factor this into your business finance plans.
Find out more about our full Business Premises Guide here or browse through the content below to learn more.
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