When approaching a lease renewal its important to get it right. The time taken to invest in professional advice will help guide you through the legal complexities and mechanisms which are laid down by the Landlord and Tenant Act 1954 (unless specifically excluded) that allow the tenant the right to a new lease on similar terms to the exiting lease but at a new rent. There are strict timescales and procedures involving Notices and Court Applications which must be followed to protect your rights
The rent at a lease renewal may go up or down depending on market rents at the time and terms of the lease could be amended. This is your opportunity to seek to amend the lease through negotiation, possibly for a shorter lease or the landlord desiring a longer lease; changes to rent review patterns; changes to the use of the property; opportunities to break the lease which may not have been present before. Any changes to the covenants of the lease may also affect the annual rent for the property and this is where the professional services which we provide, are used to best effect to your favour.
Please feel free to contact us for initial consultancy advice over the phone.