We recommend that you ensure that you know the key dates and terms of your property leases. If you are approaching a break clause you are likely to be in a stronger position when negotiating with the landlord about rental payments. Some leases contain complex and onerous dilapidation provisions, as well as very specific requirements in order to make a notice under the break clause effective, so professional property advice is recommended.
Identify any surplus property you occupy on short term arrangements so that you can consider vacating them saving unnecessary costs. For example, are you storing obsolete stock or old paperwork in off-site warehouses? Do you really need to, or could you relocate these to your main premises (even in temporary containers in your carpark) or decide to destroy?
If your staff are now working from home to some extent, then some initial thought could be given to your requirements for space in the future. If working from home is successful and becomes the expected norm for many staff how much space will you need in the future? Once the above points have been considered it is advisable to approach your landlords at the earliest opportunity in order to negotiate deferred payments. Banks have pledged to support landlords with mortgage and loan payment holidays so the sooner you approach your landlords the more likely it is that they can make suitable arrangements with their bank and therefore be more agreeable to deferred rent payments.