The renewal of a commercial lease is normally achieved by way of a statutory procedure prescribed by the Landlord & Tenant Act 1954. The process can be initiated by either party by way of the service of either a Section 25 Notice by a landlord or a Section 26 Notice by a tenant. This is normally followed by a period of negotiation between the parties who will have the option to refer matters to Court or mediation where a negotiated settlement cannot be reached.
The lease terms agreed on renewal will be fixed for the duration of the new lease and can also set a precedent in subsequent lease renewals. It is therefore critical that advice and representation is sought at lease renewal and our experienced surveyors will guide you through every aspect stage of the commercial lease renewal process.