Lease Renewal
Renegotiating a lease is a business critical event which can sit at the heart of corporate strategy. Getting the lease terms right can have significant benefits for a landlord or tenant. Conversely, getting them wrong can result in potentially disastrous business consequences for tenants and can significantly affect covenant strength, income flow and investment value for landlords.
Lease structure, length, repair/renewal and redecoration obligations and notice requirements are all factors that affect the renewal process as does the underlying rent agreed.
Timing is critical and we advise all clients to begin the planning process at least 12 months prior to the lease end date.
We employ a rigorous process to all lease renegotiations for either landlord or tenant.
Lease Renewal Procedure
- Full review of business objectives
- Physical inspection of subject property
- Review of all lease documentation and licences
- Property market research (on and off market sources)
- Liaison with solicitors
- Liaison with other tenants/landlords and their representatives
- Making recommendations and giving budgetary advice prior to negotiations
- Develop strategy for negotiation based on due diligence and agreed client objectives
- Liaison with solicitors to ensure notices are served correctly
- Negotiation covering all lease terms not just rent
- Reporting throughout on progress and any changes to strategy