Time required for documentation to be completed

1. We have found that people are generally optimistic. Our recommendation is that you plan on the "one in three" principle. In other words, if someone promises you the completion of a job in 'a week' accept that it will take 3 weeks!

2. Generally what occurs is that an agent instructs the owner's solicitor to prepare a lease. Most leases require a Disclosure Statement. The tenant's solicitor will, in most cases, inspect the Disclosure Statement before it is signed by the tenant. By the time the terms of the Disclosure Statement are negotiated and it is returned signed to the owner's solicitor a week or 10 days will have elapsed. You can see how the time just flies by!

3. It is our recommendation that you have a 'pro-forma' Disclosure Statement with you when you have your face to face negotiations with the tenant. It is worthwhile just sitting down for 30 minutes and work out who is going to do what and when.

4. If the tenant has never seen a Disclosure Statement before, then you should recommend that he obtains one or you give the tenant one.

5. You should also give the tenant a copy of the blank lease which you wish to use. Your lawyer should be able to give it to you. There is no reason why a tenant should not be looking through the lease early in the negotiations. It is much better that the tenant reads it before it gets into the hands of his lawyers. The tenant may not fully appreciate everything in the lease, but at least he can give better instructions to his lawyer about his needs.

   This makes life easier for the lawyer because he can concentrate on matters about which the tenant is concerned rather than having to work "in the blind". It should also save on costs!