Change of tenancy: What you need to know

Whether your business is growing or its needs are changing, sometimes a change of commercial tenancy is necessary. But, along with the many other tasks that need to be taken care of when moving premises, you also need to organise your business energy.

Moving premises is a rare opportunity that business owners have to find a better deal on their energy, without being in a switching window. But, before you begin to look for new deals, there are number of things that you need to do.

Your first step should be to contact your current energy supplier and notify them of the move. When doing so, you will also need to provide them with the following information:

  • The date that you intend to move out of the property
  • Contact information for the new tenant, or landlord.

Your supplier requires the relevant contact information of either the new tenant or landlord in order for them to confirm of the change of responsibility. Without this confirmation, they will be unable to close your existing account.

Once your supplier has all the relevant information, they are then able to issue you with a final bill based on the move date that you have provided them, as well as written confirmation of their next steps. At this time they will also set up a new contract for the landlord, or new tenant of your old property.

Please Note: You shouldn’t cancel your direct debit until your current supplier has taken payment for your final bill. This is usually 14 days after you receive your final bill.

Before your move date, you must also contact the supplier of the new premises to inform them that you are taking over responsibility for the address. In some cases, the supplier of the new property may ask the see a copy of your rental agreement. This is to confirm the date that you move into the address.

It’s worth noting that if you choose to stick with the current supplier in your new premises, then it is possible on some occasions to backdate your usage. This means that any new rates that are agreed for the new premises can be applied as soon as you move into your new address, potentially saving your business money.

Once you have assumed responsibility for the property, if you have not formally agreed a contract, then you are then automatically placed onto deemed rates with the current supplier until a formal contract is agreed.

Deemed rates (also known as out of contract rates) are often a suppliers most expensive rates. You are tied into a deemed rates contract for only 30-days, so it’s recommended that you organise a formal energy contract as soon as possible.

You are now faced with a choice: stick with your current supplier, or see if you can find a better deal elsewhere. It’s usually worth beginning your search for a better energy deal by contacting your current supplier to see what prices they are willing to offer you – at the very least this will give you a way to measure the quotes offered by other suppliers.

Please Note: Business energy quotes are subject to a credit check of your business, and may require a security deposit before prices can be offered.

For help running a business energy market comparison, why not visit our switching section on our business energy page for more information on where to start.

Remember, if you are unhappy with your current supplier, you can always switch & save money by doing so. 

Businesses typically save £1,150* by switching to a better deal.

*£1,150 Figure based on 8,254 actual contracts arranged in 2016 when compared to prices or renewal quotes of existing suppliers.

 


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