The renewal of a commercial lease is normally achieved by way of a statutory procedure prescribed by the Landlord & Tenant Act 1954. The process can be initiated by either party by way of the service of either a Section 25 Notice by a landlord or a Section 26 Notice by a tenant. This is normally followed by a period of negotiation between the parties who will have the option to refer matters to Court or mediation where a negotiated settlement cannot be reached.
The lease terms agreed on renewal will be fixed for the duration of the new lease and can also set a precedent in subsequent lease renewals. It is therefore critical that advice and representation is sought at lease renewal and our experienced surveyors will guide you through every aspect stage of the commercial lease renewal process.
Not all leases are protected by the security of tenure provisions of 1954 Act and, where a lease is excluded from these provisions, this fundamentally affects the respective rights and negotiation positions of the parties and it is essential that your lease is reviewed, your position assessed and your optimum strategy considered.
Even where a lease is protected by these provisions, a landlord is not obliged to grant a renewal lease and can oppose the grant of a new tenancy under certain grounds.
The renewal of a lease can be achieved without adopting the use of the statutory process and our commercial lease renewals team can advise you how best to proceed in consideration of your circumstances.
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