How to review a lease

 

Commercial leases are notoriously complex legal documents. Your business may well already have a commercial lease in place for the premises you use. When your lease comes up for review, the help, support and advice of a specialised property solicitor can be an invaluable asset to have. Your landlord will want to get the best terms they can when your lease review comes up, but this doesn’t mean that you have no rights of your own.

The Landlord and Tenant Act 1954 gives you a number of rights that your landlord must respect when your lease renewal is being negotiated. Note that it is usually the landlord’s surveyor and valuation service provider that you will have contact with. As your lease renewal progresses, your property solicitor can be on hand to represent your business.

There have been some changes to the 1954 Act, especially with regards to how a lease review can take place. In the past a court order was required before the new lease was legally binding. These days your landlord is most likely to contract out your lease review and renewal, and this does not need a court order.

You should approach your lease review just as you would any other purchase for your business. Always exercise due diligence, and take legal advice on any aspect of your lease renewal that you don’t understand. Your property solicitor will have long experience of handling lease reviews for their clients that you can benefit from. It is, after all, in all parties’ best interests to complete the lease review as quickly and efficiently as possible.

And lastly, if your lease review ends in a dispute with your landlord, you may have no choice but to take your lease renewal to a court. The court will rule on your lease renewal. In these circumstances it is vitally important to have legal representation when your case is heard. Your property solicitor will be able to not only speak for you if you wish, but, more importantly, they will be able to argue your case and ensure your lease review is fair and legal.

If you would like to obtain legal advice about renewing your lease, Contact Law can put you in touch with a local specialist property law / lease solicitor free of charge. So, if you have any questions or would like our help in finding local property law / lease solicitors please call us on 0800 1777 162 or complete the web-form above.

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