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Property Services

Lease Renewals and Negotiations

If you are considering leasing new office space or signing any commercial lease, here are things to consider before signing on the bottom line:

  • Term
  • Monthly Rent
  • Common Area Maintenance
  • Deposit
  • Right to sublet or assign
  • Damages to Premises
  • Liability, Business, and Other Insurance
  • Repairs and Property Improvements
  • Business Type Exclusivity
  • Use of Space Restrictions
  • Business Type Exclusivity
  • Right of First Refusal

Taking professional advice at an early stage can save you time and money.

In many cases, the expiration of a lease can have a similar effect to that of a rent review, in that the tenant may have been paying an out of date rent. The landlord will therefore not be receiving an economic return from the investment.

Unless specifically contracted out, tenants of commercial property have security of tenure under the Landlord and Tenant Act 1954. In other words, they have a legal right to a new lease on the expiry of their existing one.

A landlord can object to a new lease on certain statutory grounds such as redevelopment, own occupation and persistent non-payment of rent but they will have to prove their case – to the court if necessary.

In such cases, the tenant may be entitled to compensation and a professional valuer should be asked to advise.

Consideration of the lease renewal process can often start 12-15 months prior to the expiry of the lease and our extensive experience of the legal procedures and notices allow us to provide the appropriate advice in each specific case although we will always recommend that the client takes specialist legal advice.

We work closely with many lawyers to provide the client with comprehensive advice.

The circumstances of the client, their future plans for the property and market conditions will dictate how the renewal is dealt with, but in most cases, our involvement starts with a comprehensive report on rental value and the options available on renewal.

Whilst not specialists in building construction, our report would highlight any obvious defects within the property and we would advise whether further advice is required. We work closely with a number of chartered building surveyors.

If lease renewal negotiations are not successful, we will advise on the options available for the resolution of the dispute including litigation and ultimately a court hearing or the more cost effective, but lesser used PACT (Professional Arbitration of Court Terms) process.

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