If you are planning to renew your lease, Rumball Sedgwick can help you achieve the best possible terms for the new lease.
What does our lease renewal service offer?
- Professional advice on the relevant legislation
- Full compliance with legal regulations, such as checking your eligibility
- Site inspection to value the property accurately
- Calculation of the anticipated premium bracket – ‘the lease value’
- Effective negotiation skills to achieve the best price possible
- Expert local knowledge
How does lease renewal work for tenants?
Broadly, the Landlord and Tenant Act 1954 gives business tenants security of tenure, i.e. the right to renew the tenancy when it comes to an end. If as landlord and tenant you agree that there should be a new tenancy, but cannot agree on its terms, you can apply to the court for a new tenancy. Or if as a tenant you want a new tenancy, but your landlord refuses to grant one, you can apply to the court. The court will settle the rent and the terms of the new tenancy.
How does lease renewal work for landlords?
As a landlord you can oppose renewal of the tenancy for certain limited, specific reasons. Some are to do with the tenant’s own conduct, such as failure to pay rent. Others are to do with your needs, for example, if you want to redevelop the premises or reclaim them for your own use. You can either apply to the court to end the tenancy, or you can oppose the tenant’s application for renewal. The court will decide whether you have grounds for opposing a renewal, and whether or not to order a new tenancy.
Our lease professionals will be able to advise you on further issues such as:-
- Landlords notice
- Tenants notice
- Opposition to renewals
- Court proceedings
If you are renewing your lease, or require further information, call Rumball Sedgwick now on 01727 519143.