Is it time to renew your lease?
Recently we have been discussing the things you should consider when you are entering into a new lease for your business premises. But what happens when you are already in a lease and the end date of the lease is fast approaching? We have put together a few simple steps you can take to ensure you take the correct action so you can carry on your business with limited or no interruption.
- Plan way in advance. You should start planning for your new lease at least a year before the end date. You will need to consider whether the property is still suitable for your needs or if you are better of seeking alternative premises. If the property is still suitable you can begin negotiations with the Landlord for the proposed new lease. If you are thinking of moving you may want to let your Landlord know once you have made your decision so there is a smooth handover at the end date and also so they can begin the search for new tenants.
- Take legal advice. Lease renewals can be quite complex and strict deadlines will often need to be met to ensure notices are served correctly on the relevant parties to ensure your rights are protected if the lease negotiations hit a standstill and you still want to continue your business from the premises. Your current lease will need to be reviewed to see whether you have security of tenure and how protected you are from any landlord decision to increase the rent at their will or market the property to new tenants.
- Seek advice from a specialist Surveyor. Before you enter into negotiations with your landlord it may be a good idea to seek an appraisal of the premises from a Surveyor. There are specialist surveyors who advise on such issues and who can provide evidence to back your proposals when negotiating with a landlord.
If your lease is up for renewal soon or if you are a landlord and are looking to grant a new lease to your tenant please get in contact with us for a no obligation discussion as to how to best deal with the matter. We have a specialist team of advisors who can take the hassle away of any lease renewal and ensure your premises are secured so you can carry on your business with little disruption. Please call us on 02476 387821 for initial advice.