Because UK lease renewals can be complex, errors can be made which cost you & your Assignees money. They can also be time-consuming & stressful. It’s a mistake to leave Assignees to handle them on their own. Here’s why.
It’s easy to miss something in the renewal process & the implications can then be expensive for the employer’s business. VITAL CONSIDERATIONS when dealing with lease renewal & tenancy contract extensions include:
- The entire lease should be thoroughly reviewed to find out exactly what needs to be done to extend or renew
- The process needs to be preferably 2 to 3 months before the deadline date
- Trigger any renewal or option to extend correctly. It is vital that this be done STRICTLY in accordance with lease provisions.
- Negotiate best terms for renewal, including any rent adjustment
- Anything need fixing at the property or any improvements required? Now’s a good time to get them addressed.
- Will the extension trigger a Stamp Duty Land Tax liability?
Learn more about our expert Lease Renewal Service. Click here to contact us today
You may also be interested in our Stamp Duty Land Tax Compliance Program, click here for more information