The expiry of a lease is an important issue for both Landlords and Tenants. Unlike Rent Reviews, everything is up for grabs – lease term, rent and dilapidations. The downside is if a lease cannot be agreed is having a vacant property.
This is why appointing a Chartered Surveyor at least 12 months prior to lease expiry is essential. Tenants are considering their options, especially due to the uncertainty around Brexit and in light of the number of high-profile occupiers entering CVAs. Tenants are looking for flexible terms and it is more common to see shorter lease terms with Tenant break options as standard.
It is important for Landlords and Tenants to seek professional advice early in the Lease Renewal process to ensure that the lease terms are favourable to both parties and that a good Landlord and Tenant relationship will continue into the future.
