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The commercial lease renewal process needs to be handled correctly to ensure your business isn’t negatively affected. Ensuring you have the right advice, strategy, timing and notices is key. Here are the answers to three questions commonly asked by tenants ahead of their lease renewal date.
At least 18 months before a lease expiry date Landlords should consider their future intentions for the building. Will you keep it? Redevelop it? Enhance its value?
If the tenant initiates proceedings with a section 26 Notice the document will state the terms they require including length of new lease and expected rent etc. You, as the landlord then have two months to respond and let the tenant know if you agree to their request. Kempton Carr Croft can assist you here.
Either party can initiate lease renewal negotiations by serving either a Section 25 Notice (landlords) or a Section 26 Notice (tenants). We would recommend that either side consider their options as early as possible before the lease expiry date as if the tenant has the protection of the Landlord & Tenant Act 1954, strict procedures and strategic timing of notices must be adhered to. We would advise you to contact a valuer to discuss your options as early as possible. Kempton Carr Croft can assist you here.
For further information on commercial lease renewals, the process, how you’re protected as a tenant and things you need to consider, read our landlords guide to lease renewals.