M
Prepare to move office
By Adam Landau 28 entrepreneurcountry
oving office can be a company’s most expensive yet unplanned for
cost.
While there are numerous services available to make the move hassle free, there are hidden costs attached to that which many businesses are
unaware of. Expert, Adam Landau of DeVono property reveals the 10 hidden costs associated with moving offices so businesses can better prepare.
1. Stamp duty Stamp Duty Land Tax (SDLT) is charged on land and
property transactions in the UK. The tax is charged at different rates and has different thresholds for different types of property and different values of transaction. Other factors within a lease (such as incentives) have a bearing on the level of SDLT due. Also, landlords often have to approve alterations, with the estimated cost being between £750-£3,000. In a majority of cases, before a tenant may undertake any non-structural alterations to their office space they must receive from their landlord formal consent for such works. A License for Alterations is then appended to the lease once the landlord approves all plans for alterations.
2. Dilapidations: estimated between 5 - 20 per sq ft
of the net floor area A tenant’s repairing obligations under either an FRI or an IRI lease is often referred to as dilapidations. In simple terms this involves the tenant reinstating their
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