Rent Reviews and Lease Renewals
Lea Hough are able to provide specialist advice to landlords and tenants alike on upcoming rent reviews and lease renewals. Whether the lease is approaching its end date or is part way through the term (leases in excess of five years will usually have provision to allow for the rent to be reviewed part way through the term) our commercial property team can help.
Our RICS Registered Valuers are able to advise tenants on upcoming lease renewals, helping to interpret exactly how and when the rent will be reviewed. The terms of the lease will usually stipulate how the rent is re-valued, for example to the Open Market Rent, or linked to RPI increases etc., and should also specify the procedure for initiating and concluding the review.
Following this, our experts are able to re-negotiate on a tenant’s behalf, helping to secure the best possible terms for their ongoing business needs.
Lea Hough often work with landlords throughout the rental cycle – carrying out an initial rental assessment/valuation to provide a suggested level of rent, helping to negotiate the lease with the incoming tenant and then working on the landlord’s behalf during the lease renewal process. As we are working with both landlords and tenants in Lancashire on a daily basis, we have a particularly good overview of the commercial property market at any one time, enabling us to provide informed advice to landlords. This often helps landlords to secure the best rental potential for a property.
Our advice to landlords also extends to what to include in lease terms and seeing that notices are served at the right time, where necessary, to implement a review.
We would normally advise a Landlord or Tenant to begin to consider the renewal of a lease 6 – 18 months prior to its expiry date. This will allow enough time to take the correct action in order to protect their position and also to ensure that the appropriate Notices are served within the required timescales.
With a strong practical understanding of Landlord & Tenant law, Lea Hough can also advise on a variety of other related matters, such as Lease Surrenders, Break Clause Advice, Dilapidations and Lease Restructuring.
Lea Hough’s services are available for properties in Blackburn, Preston and throughout Lancashire, and across the North West. For initial advice on any lease renewal or rent review related matter, please contact us.