Lease renewals – to stay or go?
We provide advice on the entire lease renewal process. This starts with helping clients consider whether to renew the lease or relocate.
With the existing property, we will review the lease and any other associated legal documentation. We will advise on the appropriate tactics for the case, provide an opinion of the estimated market rent and propose amendments to the lease terms to suit your requirements.
An insight into the terms on offer at alternative properties is usually required before the decision to renew can be taken. Working closely with our Agency department we identify alternative properties and establish the terms upon which they could be acquired. We can provide an estimate of the dilapidations liability on the existing property should this be required in the decision making process.
Once the decision to stay is made our service involves dealing with all negotiations to secure the best possible terms for the new lease. We liaise with your solicitor throughout the renewal process.
If the lease is protected by the Landlord and Tenant Act 1954 there are statutory procedures to be followed. We ensure that your solicitor takes action to preserve your rights to a new lease. If the lease is outside the Act there are no such procedures and the parties are effectively in an open market situation. Whatever the legal position, preparation is the key for a successful outcome.
At the conclusion of negotiations we report our recommendations to either agree the terms of the new lease or to pursue the matter to Court.
Contact : Tony Birkett
Direct dial : 020 7183 8160
Email : ajb@bglpartners.co.uk