Commercial Lease Renewal Solicitors
Commercial leases set out the terms under which you occupy your commercial property. When the time comes to consider renewing a lease, it’s important to know firstly which type of lease you have, and what your rights are as a commercial landlord or tenant.
Renewing a commercial lease
Security of tenure
The Landlord and Tenant Act 1954 gives you the right to automatically renew your business lease at the end of the term. Unless you’ve specifically opted out of this right in your contract, you automatically have security of tenure. If your lease does have an exclusion clause, you will have signed a statutory declaration to confirm that you have been notified of this.
No security of tenure
If you do not have security of tenure, your commercial lease will end on a specified date and you must vacate the property before then. Sometimes, the landlord will offer you a new lease before the end of the term, however, they are not obliged to do so.
How do I initiate a commercial lease renewal?
If you, as a landlord, initiate the renewal, a Section 25 notice will be served on your tenant between six and 12 months before the term ends. The Section 25 notice will either set out the terms or, alternatively, clearly state a reason/s as to why you do not wish to grant a new lease.
Alternatively, a tenant can serve a Section 26 notice seeking a new lease.
If you can’t come to an agreement between you, either party can ask the court to decide.
Get in touch with our commercial lease renewal solicitors in Bristol
Renewing a commercial lease can seem like a complicated and time-consuming task. Our commercial property disputes team is experienced in dealing with lease renewals and are here to help. Call us on 0117 325 2929 or complete our online enquiry form.