As businesses get set to return to offices across the UK, many occupiers will be looking to either renegotiate terms or agree new terms to redefine their situation, given a growing acceptance that for many, remote working will form part of the working week.
This question of space utilisation may lead to downsizing or, ironically, to taking more space.
Different requirements will mean new agreements, requiring heads of terms to tie down what is being agreed before going into the big spend on documents.
This is where it can and often will go wrong. Many just accept that they are not legally binding and simply agree heads of terms that are put in front of them. This is a big missed opportunity.
Heads of terms will provide the framework for your transaction and should be used to think through what you want to be delivered as part of the deal.
Well-considered heads of terms should be regarded as part of your preparation for successful outcomes, so heads of terms should be drafted carefully to deliver your required outcome.
If you have good, comprehensive heads of terms drafted, with the support of experienced advisers, the final documents will be quicker and easier to draft, which will ultimately save money too.
If this opportunity is not taken and heads of terms are prepared, too many gaps may result, leading to a long list of questions to answer before the deal can be delivered. This may lead to delays, with plenty of time wasted going backwards and forwards on the terms agreed.
Heads of terms should be all about preparing for efficient deal execution and success.
Karen Mason is a commercial property lawyer and co-founder of Newmanor Law, a specialist real estate law firm
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