Do you need to action a rent review/lease renewal?
If you are coming up to the end of a lease and your landlord is looking to increase the rent then chances are you will be issued a rent review which will outline any proposed rent increases or change to your current lease. Once you have received this review it’s important that you respond to it quickly to ensure that any problems with a new lease can be dealt with promptly and to ensure the stability of your business throughout this period of renewal.
In general, lease renewals and rent reviews will be dealt with in the months preceding the end of the lease and with most rent reviews they will be dealt with a minimum of two months before the proposed rent increase. In turn, this gives you time to consider your options and look at what might be the best course of action available to you.
Do I need to take action quickly?
Once you have received a rent review notice then it’s important that you act quickly, mainly because if you are looking to appeal the decision it’s something that needs to be done within a certain timeframe and if you don’t lodge your appeal within this time then you could potentially lose the opportunity to appeal a large rent increase.
If you have been served a lease renewal and rent review then it’s crucial that you act quickly if you are looking to continue your lease. Property owners are keen to ensure that their properties are leased out and filled at all times and if you don’t show an interest in continuing their contract then they may choose to look elsewhere for tenants.
What happens if I don’t take action?
If you don’t take action in these circumstances then you could find that you are no longer able to appeal a rent increase, or that you no longer have anywhere to operate from Dealing with lease renewals may seem like a very long, drawn out process, but dealing with them efficiently helps you to plan for the future and ensure that you’re getting the most out of your property.
Roger Hannah & Co have a specialist Lease Advisory Team able to support Landlords or Tenants through a lease renewal.