Want to Rent an Office in London? Make Sure You've Covered Your Costs

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by: Glenn Tucker
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Date: Sun, 5 Feb 2012 Time: 7:07 PM

Want to Rent an Office in London? Make Sure You've Covered Your Costs

If you're looking to rent an office in London, chances are you'll already have found yourself a reputable commercial estate agent who can explain all of the logistics and potential obstacles involved in your relocation - they might even help in the planning and execution of the move. Your estate agent should also clearly explain all of the costs involved when you rent an office in London - but to double-check that you've got everything covered, use our checklist below.

1. Rent - Naturally, when you rent an office in London, the rent itself is going to make up the majority of your spend. Rental rates vary considerably depending on where you rent an office in London - you'll pay the most for prestigious office spaces in Mayfair, Belgravia and St James, whereas Paddington, Waterloo and the fringes of the City of London offer cheaper rents whilst still providing a central location.

2. One-Off Costs - The moving process can involve the use of a fair number of services, all of which can take bites out of your budget. Make sure you've factored in surveyors' fees and legal costs when organising your move - and the moving process itself will require money to be spent on removal and fit-out services. You can save money by choosing to rent an office in London that has already been designed and has been fitted out with everything that you need to start work straight away. An additional one-off cost is stamp duty - you'll have to pay this on leaseholds over a certain value.

3. Ongoing Costs - Once you rent an office in London and your business is settled in, you'll have to pay for the continued use of the space. Costs could include bills and service charges - make sure you're aware of what you're paying for. Bills for gas, electricity, water and internet usage may or may not be included in the rental price. You'll also have to pay property tax which is charged by the local authority - as with rent, the cost of property tax when you rent an office in London can change considerably from area to area and from office to office. It can set you back as much as £20 per square foot every year.

4. Value Added Tax - Because most buildings are VAT registered, when you rent an office in London you'll be required to pay tax on the price of your lease. For companies that cannot reclaim VAT, such as banks, there are non-VAT buildings available, but these tend to be rather scarce.

Hopefully, this guide should help you to rent an office in London without getting stung by unexpected charges. There are many costs involved in your relocation, not to mention a great deal of time and planning, but fear not - there are still ways to save money. One of the most economical but overlooked methods is to simply find the right commercial estate agent - an estate agency that works on behalf of landlords is naturally going to try to drive the price up to please its clients. Try to find a commercial estate agent that works on behalf of tenants, this way you are more likely to be given a good deal when you rent an office in London.

About the Author

To read more about London office space to let visit Commercial Estate Agents London website.

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