Every business owner knows that it is vital to have security of tenure to protect the goodwill of the business and ensure continuity of production and service. Relocation is not only extremely disruptive but also expensive. As a tenant, you need to know your rights and if you are taking a new lease or an assignment of an existing lease, we are able to provide you with an analysis of its provisions and guide you through the transaction. As a landlord you will want to maximise your income from the property by ensuring that the tenant complies with his obligations and ensure that crucial dates in the lease relating to, for example, rent reviews and break clauses are not missed. You also need to be aware of what your rights are in relation to matters such as assignment of the lease.
A lease of business premises is a complex document. It may be 40 or 50 pages long, but no matter how expansive it does not tell the full story of the parties’ rights and liabilities. In particular statute may intervene in a way that changes what is set out in black and white in the lease. For example, the Landlord and Tenant (Covenants) Act 1995 has redefined the liabilities of tenants and the rights of landlords.
The solicitors in our commercial property team have between them many years’ experience of acting for both landlords and tenants. We will be pleased to talk with you if you are letting your premises or you are a prospective tenant. We will be able to provide the essential advice you need and take you through the procedures involved to ensure that you achieve your objective, whether as a landlord or a tenant.
It can be particularly important to take early advice when a business lease is coming to an end. The termination or renewal of a business lease needs to be considered about 18 months before the term is due to expire. Tenants of business premises have certain protections in law, but those rights can be lost unless vital steps are taken within very strict time limits. As a landlord you may want to recover possession of the premises, and will need to know whether you can do so and at what cost. The solicitors in Longmores Commercial Property team will be pleased to advise you on the termination and renewal of business leases.
Notices and disputes between Landlords and Tenants
If, during the course of a lease, your landlord serves a notice on you, it will be important that you obtain early legal advice in order to protect your rights. A rent review clause in your lease may give you a limited opportunity to challenge the landlord’s notice. You may be required by notice to carry out works for which you are not responsible or cannot be forced to undertake. If, as a landlord, you are concerned about breaches of covenant by your tenant, it is in your interest to take legal advice without delay, as it is possible to lose certain valuable rights inadvertently.
Landlord and Tenant Rights, Obligations and Commercial Property Management
In addition to acting for both landlords and tenants on the grant and transfer of leases, lease renewals and lease disputes and notices we can also assist in all aspects of commercial property management including:-
- Alterations to leasehold premises
- The liabilities of tenants and guarantors
- Rent Deposit arrangements
- Variations of leases
- Licences to assign and underlet
- Licences for change of use
- Rent Reviews
- Service Charges
- Dilapidations claims