As a commercial property specialist with more than 50 years’ experience, Imperium Chartered Surveyors has in-depth knowledge of the Landlord & Tenant Act 1954, the primary legislation which influences the terms of a commercial lease contract.

Commercial property leases come in all different shapes and sizes and the devil is in the detail.

Usually, the lease sets out all the terms which both the landlord and tenant must abide by.

Whenever a tenant signs a lease, it’s their responsibility to negotiate suitable terms with the landlord.

We listen and understand your requirements, before using our expertise in property law (and the overall market conditions) to take the best course of action on your behalf.

What is the Landlord and Tenant Act 1954?

When renewing a commercial property lease, most businesses are protected under the Landlord and Tenant Act 1954, a piece of UK law which ensures a business tenant cannot be thrown on to the street.

In certain circumstances, this important Act also gives business tenants certain rights when it comes to renewing a lease which is at its end.

Even if a lease reaches its expiry date, the 1954 Act means it does not automatically come to an end.

Potentially, it could carry on indefinitely until one of the termination procedures outlined in the act are triggered to bring about its conclusion.

When is the best time to renew a commercial property lease?

If your commercial property lease is coming to an end soon and you want to renegotiate it, the best time to do this is between 6 to 12 months before its end date.

This is the same whether you’re a landlord or tenant – so it’s important to know and consider all your options at this stage.

If neither party initiates the lease renewal process, things will continue under the same terms under a process which is known as ‘holding over’.

How do Imperium Chartered Surveyors help tenants and landlords?

When the end of your commercial property lease approaches, your options are quite broad ranging.

Our aim is to help you take the right course of action that’s best for your business.

When entering into a lease renewal, we usually:

  • Conduct a valuation of the property.
  • Negotiate terms for renewing the lease.
  • Negotiate with the landlord and/or tenant.
  • Liaise with the solicitors of both parties.

Should a suitable outcome prove unachievable, we can help you to form alternative plans.

If a landlord decides not to renew the lease, we can help to market the property or we can help a tenant to search for other premises if they choose to relocate.

Why should you choose us to conduct a lease renewal?

In most cases, renewing a commercial property lease centres around trying to agree new terms.

Whilst a landlord is legally allowed to deal directly with a tenant, negotiations are usually carried out by a Chartered Surveyor or a valuer on their behalf.

Generally, the main principle is that the previous lease (if available) is used as the starting point for the terms which could be included in the new lease. Other factors, such as comparable rents for similar nearby locations, are also taken into account.

In our experience, it’s important for clients to show a flexible attitude from the outset as this often helps negotiations to run smoothly.