To help you get the best possible result for renewing your lease on a commercial property, it is vital to seek the advice of a professional and knowledgeable solicitor early on in the process. Many lease renewals are governed by The Landlord and Tenant Act 1954 which can be confusing without a sound working knowledge of its complexities.
Can I negotiate new terms for my lease renewal as a tenant?
If you want to renew your commercial lease, you may want to negotiate the addition of new terms with your landlord. It is vital to keep a good relationship with your landlord so that in these situations they will be more willing to negotiate. Having a record of being a good tenant will increase the chances that your landlord will accept negotiations and agree to your lease renewal.
You may wish to negotiate for a reduction in rent, service charges, a rent-free period or a break-clause. Wildings Solicitors can help you with these negotiations and advise you in getting the best possible outcome.
Renewing the lease:
It is important to follow the procedure set out in The Landlord and Tenant Act 1954, which governs most commercial leases. This Act states that you must give your landlord the correct notice to protect your rights to renew the lease; this will be the section 26 notice. If your lease is drawing to a close, your landlord may serve you with a section 25 notice to terminate the lease.
At Wildings Solicitors, we can help to respond to this notice, whether you intend to renew the lease or not. It is vital to respond to these notices within the strict deadlines set out in The Landlord and Tenant Act so seeking professional advice as quickly as possible will help you to retain your rights.
We can also advise you on any interim rent payments while your new lease is being negotiated and finalised.
