Lease Renewal and Re-gear
In an uncertain economy, the expiry of a business lease provides an opportunity to both landlord and tenant.
Commercial tenancies in England and Wales are protected by the Landlord and Tenant Act 1954, Part II which provides security of tenure to the tenant with rights to a new lease on the same terms as the old, except for rent which will be negotiated to open market value at the date of renewal. This assumes that lease terms have been adhered to and that the landlord does not wish to redevelop or occupy the premises for their own business.
As shorter commercial leases are becoming more and more popular, many tenancies are contracted out of the Act with the effect that the granting of a new lease is not guaranteed. This means that all lease terms will be negotiable and not just the rent.
Montpellier Property Consultants offer Lease Renewal advice to both Landlords and Tenants and to ensure the best possible outcome, we recommend that advice is sought early. If you would like to discuss an upcoming lease renewal please contact one of our experienced team.
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