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Lease renewal

Knowledge is critical

If your like your workplace and location, why move.

If you have the right to renew the lease (not all tenants do) and you chose to do so, start the process 12-15 months before the lease expires and consider the following:

  • What will the rent be
  • When will the new lease end
  • Are there any onerous terms in the existing contract – perhaps relating to repair, upgrading the facilities, etc

Above all, ensure the new lease is ratified before the lease expiry date.

If negotiating ‘Inside the Act’ the negotiations timetable has to be adhered to. A protected lease can only be renewed if the tenant remains in occupation and intends to renew the lease.

If negotiating ‘Outside the Act’ options are limited as you have no right to remain in the property. A new lease will have to be negotiated or, you will have to move out.

This is a complex area – professional advice from a RICS-qualified surveyor is strongly recommended.

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