Commercial Property Lease Renewals

Property Lease Renewals

Ashurst Real Estate provides commercial property lease renewal advice to both landlords and tenants.

Our expert advice on the process and tactics for successfully renewing a commercial property lease is relevant whether the lease has the security of the Landlord and Tenant Act 1954 or is excluded from this statutory protection.

Rental value is not the only issue, particularly if the tenancy is protected by the Landlord and Tenant Act 1954.

We will appraise the correct rental value for your property having regard to any valuation constraints whilst also negotiating terms of the new lease on our clients’ behalf.

We have carried out lease renewals across most property sectors including industrial, offices, shops, restaurants and educational properties.

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The Landlord and Tenant Act 1954

Introduced after the second world war, this important piece of legislation governed the relationship between landlords and tenants for decades, providing a statutory framework for renewing leases and protection for both parties.

Tenancies that are protected under the Landlord and Tenant Act 1954 are now uncommon with many modern leases being excluded from this legislation.

Legacy leases do exist although the knowledge, skills and experience for dealing with these is diminishing across the property industry.

Ashurst Real Estate has more than 25 years of experience of advising clients on commercial property lease renewals that are managed under this legislation.

Tenancies that are excluded from the Landlord and Tenant Act 1954

Most modern leases are now excluded from the Landlord and Tenant Act 1954 and the tactics and strategies for renewing an excluded commercial property lease differs from protected tenancies.

Planning for these commercial property lease renewals needs to be conducted far earlier in order to return a successful outcome.

Ashurst Real Estate will guide you through this important process, ensuring a smooth transition from one lease to another.

Process for conducting a commercial property lease renewal

Ashurst Real Estate will review the lease and any supplemental documentation before inspecting and measuring the property.

We will then identify and analyse comparable evidence before submitting a formal written report advising upon the property’s rental value either governed by the constraints of the Landlord and Tenant Act 1954 or as a full open market transaction.

Our report will provide strategic advice for negotiating with the opposing party.

We will liaise with legal and other advisers to bring the commercial property lease renewal to a successful conclusion.