Unless a lease is excluded from the Landlord and Tenant Act 1954; and so long as the business remains in occupation of the premises and follows all the correct legal procedures, a tenant has the right to apply to a court for a new tenancy. The landlord is allowed to oppose your lease renewal application in some circumstances.
If it’s sounding a little bit complicated already, that’s because it is. Out of all the areas we work in, this is probably the one fraught with the most pitfalls for occupiers. Dealing with the lease renewal procedures requires expert knowledge, the most relevant up to date law, a detailed understanding of the lease in question and an in depth knowledge of the local commercial property market.
The correct lease renewal procedure has to be followed within the set timescale or your rights of renewal could be lost with devastating results. We can, together with your legal advisers where necessary, assist you throughout this process.
Assuming that the correct procedure is followed and that your landlord doesn’t oppose your application for a new lease, there’s still the issue of negotiating the rent. Again this is where we can apply our expertise and detailed knowledge of the local commercial property market in assessing what is a fair rent for the property. We will then strive to agree terms that are most favourable to your business.
A lease renewal may also present the opportunity to renegotiate other terms to enhance your position. For instance, in return for a longer term commitment we may be able to secure a lower rent. Alternatively, if car parking is causing you an issue, we may be able to negotiate further car parking spaces within your lease. We believe it is this creative approach to property advice, based on a detailed understanding of your business and it’s requirements, that enables us to deliver real value for you.