All commercial leases are for a fixed number of years. When the review of your leases comes up, you must ensure you have qualified legal support to help you ensure you obtain the best possible terms in your new lease. Never attempt to negotiate a new lease without legal support, as you risk your business being at a financial disadvantage for many years.
A review of leases usually comes up several months before your current lease is due to expire. Your landlord’s representatives, including property valuers and surveyors, will contact you. Their motivation will be to protect their client’s best interest. This is why your solicitor should be on hand to help with the leases review your business must go through.
In the past, tenants had few legal rights. Today the Landlord and Tenant Act 1954 protects the review of your leases to a certain degree. This lays out the legal framework whereby a review should take place. You have some rights under the Act that could protect your business’s ability to stay in the premises it now uses. However, the Act is open to interpretation, so always consult a property solicitor if you are unsure of your rights.
The leases review that your business must complete should be approached with all due care and attention, as the new lease you sign could be for a lengthy period. It is vitally important that you have legal support to ensure your new lease is not damaging to your business. In most cases your landlord will be open to negotiate as part of your review, but this may well be via their solicitor.
And if you cannot agree the terms of your new lease after you have completed the review process, you have the option of going to a court that will make a decision that all parties will be legally bound by. If this is likely, the help and expertise of a property solicitor is even more important, as they can not only argue your case, but also ensure you get the best terms possible in your new lease.
If you would like to obtain legal advice about renewing your lease, Caven can put you in touch with a local specialist property law / lease solicitor free of charge. So, if you have any questions or would like our help in finding local property law / lease solicitors please call us on 0800 1777 167 or complete the web-form above.