Renewing A Commercial Lease
When it comes to renewing the lease on a commercial property, you need a professional and knowledgeable commercial property solicitor to help you get the best possible results. The Landlord and Tenant Act 1954 governs many lease renewals. This is a complex legal area; at Burt Brill & Cardens, we pride ourselves on putting our clients in a strong position when renewing a commercial lease.
Maximise Your Lease
If you are considering a Commercial Lease you should have it checked by an experienced solicitor. Our 5-star rated property team have put together this guide to provide you with our top tips to make the most out of your Commercial Lease.
If you’ve been a good tenant and are on good terms with your landlord, this is the ideal time to renegotiate your lease terms. There are many options available when renewing a commercial lease. You may consider negotiating a reduction of rent, service charges or even a rent-free period, for example. In addition, a break clause in the new lease can often be negotiated. If you feel you’ve been paying unfairly high rent, you might consider enlisting the help of a professional surveyor to find out the real value of the property, and use that to negotiate a cheaper rent with your landlord. You must however be aware of whether your lease is “inside” or “outside” the Landlord and Tenant Act, as this affects what you can ask for and expect the landlord to agree to.
If you want to continue leasing your commercial property, it’s important to let your landlord know in advance. If your lease is “inside” the Act, you must serve the right statutory notice to protect your rights to renew. We can help advise you how to do this.
When the end of the lease is drawing near, your landlord may serve notice. Whether you are renewing your commercial lease or moving elsewhere, we can help you respond to this. It is crucial to respond within the set time limits so you don’t lose any rights.
While you’re negotiating the new lease terms with your landlord, we can help advise you about paying interim rent until the new lease has been finalised.
If your current tenants serve you a section 26 notice (notice to renew the lease), this could save you a great deal of time and expense finding new tenants. As a Commercial Landlord it is important to have a good relationship with the people or business in your property, and in these situations it is often wise to agree to a renewed lease. However, you need to be aware of your rights and how best to protect them.
Negotiation is normal when going through a process of renewing a commercial lease. Your tenants may ask for a reduction in rent, or ask to implement clauses in the new lease that weren’t in the original document. It is best to protect yourself and make sure you’re getting the best deal you can by speaking to a professional commercial property solicitor.
If you’ve decided to find new tenants for your commercial property, we can help you draw up section 25 notices to serve on your current tenants. This will terminate the lease, but can sometimes cause disputes, so it’s best to make sure you do everything within the law and with the help of a professional solicitor.
Whether you want to redevelop or use the property yourself, we can advise on the legal process and how best to protect your position. We will provide pragmatic, sensible and straightforward advice in relation to any aspect of lease renewals.
Burt Brill & Cardens have been incredibly helpful taking us through the journey of lease extension with minimal fuss and pain. We had heard how difficult and cumbersome it was to extend a lease. Definitely this was not our experience with Burt Brill & Cardens Solicitors being in charge.