Most business leases are protected by security of tenure. This means that even though a lease may expire, the tenancy which that lease governs will continue until it is formally determined. Whether you are a landlord or tenant, you will need to plan for your lease expiry and ensure that you have done everything necessary to protect your position. Both rent and new lease terms are critical to the renewal negotiations. Maunder Taylor are leading chartered surveyors in London who provide a comprehensive advice to ensure that new lease terms complement our clients’ requirements as far as possible.
When reporting to our clients we carry out a measured inspection of the property and comprehensive market research. We analyse the terms of the existing lease and consider whether these are appropriate for the new lease. We provide a full report with reasoned recommendations as to our assessment of what the new rent and terms of the new lease should be.
It is helpful to give initial consideration to a lease renewal 15 months prior to the expiry of the existing lease as formal notices may have to be served within specified time limits. This also gives our clients time to consider their options and make sure that the lease expiry fits in with their business strategies, rather than having to adjust their business activity to fit in with a lease expiry.
We aim to reach settlement by way of negotiation. We always strive to conduct negotiations in a manner which best suits the requirements of our clients.
It is sometimes the case that lease renewals cannot be agreed by negotiation, and are referred to the County Court or PACT (Professional Arbitration on Court Terms). We have significant experience in acting as Expert Valuation Witness, both in written representations and at oral hearings. We are able to ensure that our clients’ cases are dealt with both professionally and competently in accordance with the Civil Procedure Rules and RICS Practice Statements. We also advise on the costs of the reference to the third party and how our clients may seek to limit their exposure to those costs.
Contact Nicholas Maunder Taylor BSC(Hons) FRICS for more information about our lease expiry service.