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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.
Tenants should consider their options at least 24 months before their lease expiry date. Consider if the premises is still suitable for your business or if relocation is needed.
A section 25 Notice is served by the landlord and is intended to tell the tenant of their property if they intend to oppose a tenancy renewal or set out proposed terms if they intend to offer a renewal on new terms. This document should be checked carefully and not ignored as you may need have an unplanned move to plan for. Contact a Chartered Surveyor for advice on the actions to take. 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 tenants guide to lease renewals.