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Tenant or landlord, it is absolutely essential that you take legal advice when granting or taking on a new lease or renewing an existing one. This advice should be taken during the lease negotiations. If you wait until after the heads of terms have been signed, it will be much harder to change terms that are unfavourable or not fully understood.
Glanvilles Commercial Property solicitors provide advice for tenants and landlords. As one of our clients, we'll protect your position and ensure that the negotiations progress efficiently. In fact, we can project manage the entire transaction, ensuring the fit-out and resolving of any issues regarding occupation.
Our Commercial property team not only advises on the creation of new leases but also advise on the following:-
Lease Renewals under S24 - 28 of the Landlord and Tenant Act
Sections 24 to 28 of the Landlord and Tenant Act provide security of tenure to the tenant. This means that they have a right to remain in occupation after the end of their lease and to request a new lease is granted. There are only very limited circumstances in which a landlord may refuse to renew a tenants lease where these provisions apply.
We are able to advise both landlords and tenants in relation to these provisions. We can assist in negotiating the terms of a new lease, serving the relevant paperwork required under statute and ensuring a swift and fair renewal is achieved.
Assignment of a Lease
Many leases allow for the tenant to assign the whole of the lease to another person. This effectively provides the landlord with a new tenant and removes the obligations of the lease from the existing tenant. Assignments require a formal licence to be agreed and this often requires negotiation of the terms of the assignment. In particular, the landlord can require the tenant to enter into an Authorised Guarantee Agreement.
We frequently advise both landlords and tenants in relation to the assignment of commercial leases. We can assist in negotiating the terms and preparing any additional documentation which may be required for individual needs.
Sub-letting of the Property
Often leases will allow for a tenant to sub-let the whole of a property with a landlords consent. This again requires certain documents to be drawn up and agreed between the parties. We can assist in reaching an agreement and providing the required consent in this matter.
In addition to this we frequently advise clients where tenants or landlords are in breach of their obligations under the lease and help to reach a resolution and agreement either by way of enforcing the terms of the lease or reaching an agreement to vary the lease and allow the subletting.
Licence for Work
Leases may require a licence to be granted where a tenant wishes to carry out works to the property. Exactly what works can be carried out, the time scale, aspects of planning and obligations as to the quality of materials must all be negotiated between the parties. We can assist in these negotiations and prepare the relevant licence.
We frequently advise clients where the landlord or tenants are in breach of their repair and / or decoration obligations under the lease. We can assist in agreeing a schedule of dilapidations at the grant of a new lease and can advise on potential action where breach of repairing obligations has occurred.
Commercial Leases will typically contain a provision whereby the amount being paid in rent can be reviewed and adjusted. This can be by reference to the current market value or the Retain Prices Index. It is for the landlord and tenant to negotiate and agree which method of review they would like to use. When the time comes for a rent review to take place, we can assist in serving the required paperwork, negotiating the new rent and ensuring it is complied with by the parties.
Surrender of a Lease
We often advise clients on their obligations when a lease is surrendered. This can be where the contractual term has ended, on the dissolution of a company, by forfeiture or pursuant to a break clause. We can advise on all aspects of surrenders including preparing Deeds of Surrender and ensuring the required steps are carried out in relation to Land Registry requirements.
If you would like further advice relating to any of the above, the terms of your lease or about granting or taking a new lease please contact our Commercial Property department.