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Lease Renewals

In the majority of cases Business tenants have a right to renew leases under the Landlord and Tenant Act 1954.

Generally a Landlord will serve notice on the Tenant terminating the lease and stating whether or not it will oppose a new lease. Both parties appoint valuers who negotiate the terms of the new lease including the rent.

Failing agreement, the tenant may apply to the Court for a new lease. There are strict time limits for formal notices which may be served by solicitors or an appropriately experienced surveyor.

Arbitration/Independent Valuation

Should the review or the renewal be referred to a third party, the valuers make submissions as to rental value followed by counter submissions with arguments against the other party’s submission.

The arbitrator/independent valuer inspects the property, requests any further information required and determines the level of rent. In complex cases, there may be a formal hearing.

An arbitrator makes a judgement based upon the submissions. An independent valuer may, additionally, use his or her own professional knowledge.

It is important to appoint a valuer as early in the process as possible and before initial notices have been served. Knowledge of the local letting market is essential.

The valuer needs to carry out thorough preparation and research.

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