When your lease comes to an end it creates uncertainty for the business tenant. It is a worrying time, but it may also be an opportunity: a chance to renew your lease or a time to consider alternative, more suitable premises.
- What are my rights as an existing tenant?
- What should I do first?
- When should I start to think about my lease renewal?
What are my rights as an existing tenant?
Written by Mehdi & WardMost business tenancies in England & Wales are protected by the Landlord & Tenant Act 1954. The purpose of this act is to provide businesses with security of tenure. If you are protected by the act you have a right to apply to the court for a new tenancy, as long as the business remains in occupation of the premises and follows all of the correct legal procedures.
The landlord is allowed to oppose your application for a new tenancy in some circumstances. If you cannot agree with the landlord about your new lease, the court will decide whether you should be offered a new tenancy and on what terms.
It is important to get professional help when renewing your lease. Consult Mehdi & Ward for help with your lease renewal.
What should I do first?
Written by Mehdi & WardThink about the objectives of your business and and prepare a plan of your property requirements, both short term and long term.
Here are some of the key questions that you should ask...
Are your present premises too big or too small?
Are they an asset to the business or a liability?
Do you want the secuirty of a long lease or the flexibility of a short one?
Would it make sense to move to a new premises and would you face a big bill for dilapidations if you did move?
Mehdi & Ward can help you to work out your property strategy.
When should I start to think about my lease renewal?
Written by Mehdi & WardYou should start to think about your lease renewal at least 18 months before your existing lease expires. It is never too early to plan ahead.