Renewing a Commercial Lease
For most businesses, their commercial lease is the second biggest business expense after employment costs.
Therefore, when renewing your commercial lease, you need to ensure your current and future commercial interests are considered and protected.
Our Commercial Property Solicitors will provide you with the information you need to ensure you renew your lease quickly with terms that will support your commercial ambitions.
We are a diverse, multi-lingual law firm that uses best-in-class technology to provide clients with streamlined, modern, and highly effective commercial property law advice and representation. Our years of experience in commercial property law means we have a robust reputation for excellence with the UK’s best Barristers and Queen’s Counsel, Estate Agents, Independent Financial Advisers, Surveyors, and Lenders who can bring additional support to our Commercial Property Department if needed.
How do I know if I have Security of Tenure?
Security of Tenure under the Landlord and Tenant Act 1954 means that, with limited exceptions, you will have an automatic right to renew your lease on similar terms once your tenancy expires.
Your tenancy agreement will state whether you have Security of Tenure or chose to contract out of it. If it is the latter, your landlord is under no obligation to renew your commercial lease.
What steps do I take to renew my commercial lease?
To renew your business lease, you need to inform your landlord by serving a Section 26 Notice six to twelve months before the end of the term. The Section 26 Notice states that you wish to renew your tenancy and the proposed terms.
Are there any situations where the landlord can refuse to renew a lease protected by Security of Tenure?
Should your landlord wish to oppose the grant of a new tenancy, it must do so within two months of receipt of the Section 26 Notice. They (or ‘it’ if your landlord is a company) can only oppose the tenancy because:
- You have breached the covenants under the lease agreement, i.e. failed to keep the premises in good repair or have regularly been late in paying rent.
- The landlord offers to provide other, suitable premises.
- You are a sub-tenant who is occupying part of the building and the landlord to rent the premises as a whole.
- The landlord wants to demolish or rebuild the premises.
- The landlord wishes to occupy the premises themselves.
If the landlord decides not to renew a tenancy protected by Security of Tenure on one of the above grounds, they must issue a Section 25 Notice. If you do not reply to the Section 25 notice, the tenancy will end on the date specified by the landlord.
The Court has the discretion to grant compensation if the landlord decides not to renew the lease on one of the grounds that does not involve ‘fault’ on your part, for example, they wish to develop the building. However, they cannot order the lease to be renewed.
Why choose us?
Whether you lease warehouse, retail, manufacturing, or office space, renewing a commercial lease can seem stressful and overwhelming. With the right professional advice, it does not have to be. Our Commercial Property Solicitors will look carefully at the proposed terms of your existing commercial lease and negotiate any changes you want to make after we have advised on the impact of certain clauses. We will make sure securing a renewal of your commercial tenancy and achieving favourable terms for your business is as stress-free as possible and will keep you updated each step of the way.
We are proud of our personal service to all our clients, and where possible, we are always available by phone and will respond to your email within 24 hours. As a full-service law firm, we can also provide advice on other commercial matters such as contracts and dispute resolution.
We will leave no stone unturned when handling your commercial property transaction. Each member of our team has the experience and resources available to ensure that every aspect of your lease renewal that requires attention will be spotted, brought to the fore, and managed. You can trust us to provide the commercially-astute advice you need to protect your interests.
Our Solicitors are businesspeople themselves; therefore, we understand that every decision you make must encompass commercial reality. We receive most of our instructions via word of mouth recommendations because business owners in Coventry and Warwickshire are confident that we have the knowledge and dedication required to ensure they secure the best commercial lease renewal.
We are focused on results and achieving them in the swiftest, most cost-effective way possible. Our Commercial Property Solicitors will take care of your legal concerns so you can concentrate on your organisation’s future growth and prosperity.
To talk to us about renewing your commercial lease, please contact us using the form below.
Meet your 'Renewing a Commercial Lease' specialists
The team to guide you through your legal needs.
Depending upon the complexity we are able to offer fixed fees in some cases. In other cases our solicitors chargethe following hourly rate:
- Partner/Member SolicitorHourly rate of £250 + VAT
- Senior Solicitor or Head of Dept: (PQE 8yr+)Hourly rate of £225 + VAT
- Assistant Solicitor/Fee Earner (PQE 3/7yr)Hourly rate of £200 + VAT
- Newly Qualified Fee Earner (PQE 1/3yr)Hourly rate of £170 + VAT
- Paralegals/TraineesHourly rate of £120 + VAT
- Support ParalegalsHourly rate of £100 + VAT