How to Extend Your Commercial Lease
There comes a stage in the lease of any commercial property when you need to start thinking about extending your lease. If you are enjoying your time in your commercial property and it is beneficial and serves your business well, then there is a lot to be gained by extending your time there and working out a favourable deal to benefit both parties. Here are a few things to think about when looking to extend your commercial lease.
Check the Length of Your Lease
It’s wise to act sooner rather than later if you want to renew your lease. An ideal time is when you are on good terms with your landlord and feel that you have something to gain by negotiating a better deal. There are a number of elements to your lease you will need to verify – whether you hold a short or long term lease, and whether it falls ‘inside’ or ‘outside’ the Landlord and Tenant Act 1954. Burt Brill and Cardens are experts in this field and will be able assist you in these matters.
Instruct a Solicitor
Solicitors who specialise in property like Burt Brill and Cardens can start the process of extending your lease for you by serving an Initial Notice on the landlord. It is very important you choose commercial lease solicitors who are familiar with the process and can expertly negotiate the paperwork and time frames involved.
How Much Will Extending My Commercial Lease Cost?
The next thing to make sure you are aware of is how much extending your commercial lease will cost. As well as the renewal, there are of course the conveyancing and valuation costs which will determine how much you are willing to offer to extend the lease – Burt Brill and Cardens can also help with negotiating interim rent until a new lease has been finalised.
Making an Offer
You’ve decided to extend and you have instructed a commercial lease solicitors to start the process. The next thing to do is to actually make the offer and set how much you are willing to pay. There are of course many factors to bear in mind regarding the extension from the condition to the location of the building – and there are important time limits that you and the landlord need to observe.
There are many benefits in negotiating a better deal when renewing a lease – and when you do decide to go ahead there are factors to consider which may determine the way forward. However, one of the most important things to bear in mind is that it does not need be as daunting or expensive as you might first imagine. With the right support and advice from trusted commercial lease solicitors such as Burt Brill & Cardens, you can be sure of success and getting the right arrangement to suit you. Contact us today for more information.