Securing the right premises for your dental practice is a major step in setting up or expanding your business. To ensure you meet all the necessary legal and contractual requirements, there are a few key dates you’ll need to keep track of. Here’s a guide to help you stay on top of important milestones throughout the process.
Lease or purchase agreement start date
Whether you’re renting or buying your premises, the start date of your lease or purchase agreement is critical.
- Ensure you understand the terms, including rent or mortgage payments, and any renewal clauses.
- Allow plenty of time to arrange for any renovations, furniture, and equipment setup before the start date.
Make sure the property is ready to operate on the first day of your agreement. And diaries the end of any lease agreements.
Rent review dates
For leasehold properties, your rent is likely to be reviewed periodically, often every three or five years.
- Know when the rent review is due, as it could impact your budget and future plans.
- If rent increases are significant, you may want to discuss terms or seek advice on negotiating the best deal.
Keep an eye on these dates to avoid unexpected costs.
Repair and maintenance obligations
Most leases or property agreements include clauses about maintaining the premises.
- Review the lease or agreement to know when you’re responsible for repairs, such as the condition of the building, fixtures, and fittings.
- If required, schedule regular safety or maintenance checks, such as electrical or gas inspections.
Proactively managing repairs can help prevent larger issues later on. A stitch in time, saves nine!
Insurance renewal dates
It’s essential to keep your dental practice premises insured against risks like fire, theft, or liability claims.
- Diarise your insurance renewal date well in advance.
- Check that your policy remains suitable for your needs and the size of your practice.
Failure to renew your insurance on time could expose your practice to unnecessary risk.
Lease expiry and renewal dates
At the end of your lease, you’ll need to decide whether to renew, negotiate new terms, or find a new location.
- Start discussing renewal options or potential moves well before your lease expires.
- If you plan to stay, get in touch with your landlord to discuss new terms ahead of time.
Having this information early ensures you’re not caught off guard when your lease expires.
