If you are looking to extend your business tenancy and extending the terms of your lease, you should take a number of factors into account.
There are certain circumstances where you retain the right to automatically renew your lease as there is recognition that as a business, it can be damaging to keep moving. This is normally called security of tenure and this was defined in the Landlord and Tenant Act 1954, but you should be aware that there is no requirement of your landlord to put this into your lease, so you should check this point when taking out your business lease.
Whilst you may have security of tenure within your lease, you will still need to abide by the rules laid out in the lease agreement.
There are some circumstances where your landlord could refuse to grant you a new lease and these are:
In any of these situations, your landlord could serve on you a section 25 notice, which provides the grounds for the refusal of a new tenancy and gives a date to vacate the property by. You may wish to challenge this in court, but if you are unsuccessful you will need to leave by the date on the original section 25 notice.
Lease negotiations and the contents of a lease agreement are critical to ensuring you are protected, so always seek advice from a specialist commercial property solicitor.
If you want advice about how to move forward with renewing your business tenancy or renegotiating a commercial lease, call one of our experienced commercial property team on +44 20 7490 5861, complete our Free Online Enquiry or email us on firstname.lastname@example.org and we’ll be in touch with you shortly to talk to you about how we can help.