Lease renewals and extensions can be complex. It’s easy to miss a step & the implications can be expensive.
It’s therefore important that the Tenant should be professionally represented.
The Landlord is usually represented by a Letting Agent whose role is to get the best terms for the Landlord. The Tenant should also be professionally represented.
Here are some important considerations:
- The whole lease should be thoroughly reviewed to determine exactly what needs to be done to extend or renew
- The process needs to be started comfortably before (preferably at least a couple of months) the renewal date
- Establish whether tenant has any concerns with the property that need resolving by landlord
- Trigger any option to extend correctly in accordance with the lease provisions.
- Negotiate best terms for renewal from the Tenant’s perspective, including any rent adjustment
- Consider whether the extension or renewal triggers any Stamp Duty Land Tax that must be paid to HMRC by the Tenant
- Ensure all paperwork is completed correctly
- Diarize future crucial dates for notices, etc.
Read about our lease renewal program and contact us if you need our help with an upcoming lease renewal.
For a free initial consultation about your specific situation, contact us by any of the following ways:
UK +44 20 7590 2700
USA +1 239 530 1865