If you rent a property for your business, it’s likely you are on a lease or contract. People usually think about the beginning, but it is also important to look at the whole picture and sometimes consider how you may exit the property. When a lease expires, you can usually renew it. When your business is no longer viable, and you are committed to a business space, you may need to consider a surrender of the lease.
Wheeler & Lai Chartered Surveyors could help you with your lease renewal and assist in negotiating reasonable and viable terms.
When a lease expires, this is the only opportunity to secure the terms for the next period of occupation, and whether you are a landlord or tenant, we are able to offer our guidance and expertise.
A combination of surveyors’ and solicitor’s advice is a worthwhile investment in all leasehold matters. Sometimes an unrepresented tenant (without professional advisor’s help) can find themselves signing up to unfavourable lease terms, if you use a professional to guide you, this can protect you from this and give you a more positive leasing experience.
Unexpected events can result in a business closing, or individuals being unable to continue to operate a business. Unfortunately leases are contracts and are binding. Nonetheless, a lease can be assigned (see Lettings) or alternatively, can be surrendered by agreement. This involves negotiation and usually a payment to the landlord for loss of the lease/income. If a lease needs to be surrendered, for whatever reason in this volatile market, we can help you navigate your way forward and try to limit your loss and reach a favourable outcome, either for landlord or tenant.