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Renegotiating a Lease
Revisiting a Lease and Renegotiating
Are you a landlord or a tenant looking to make changes to a lease? If you’re a tenant, perhaps your rent is overvaluing the property you’re leasing. Some properties are overvalued by estate agents and as a consequence, landlords overcharge rent rates. But rents should reflect the value of the property, the state of the property, the location and inflation. Consider this: if your landlord is happy with you because you’ve been an exemplary tenant, the last thing they would want to do is search for a new tenant. It will be costly to look for a new tenant, prepare a new lease, negotiate who will pay for repairs and improvements, and the landlord could potentially be faced with a bad tenant. Landlords value good tenants so always try to negotiate with your landlord.
Allowing Your Tenant’s Business To Grow
If you’re a landlord, supposing your tenant would like to expand the business further but the lease will not allow him to grow – would you consider changes in the clauses that give your tenant the freedom to expand their business and possibly sub-let? If you are prepared to negotiate in your tenant’s favour, you could benefit from the new changes. Your fees might be covered by the tenant and their proposal might mean that you can raise the rent of the property. This is something that you can negotiate with your tenant but always with the guidance of a commercial property solicitor who will assess the risk you’ll both be taking with the new changes in the lease and the property.
Commercial Property Solicitors
Get Professionals To Measure Costs
It is essential that prior to leasing a property or changing a lease, the tenant acquires a surveyor’s report which will help both landlord and tenant understand the costs involved in repairing and refurbishing the property. If a tenant agrees to pay for all repairs to a leased property, the tenant needs to understand that when the lease term ends and they relocate, they will be legally bound by contract to pay for any repairs. So before committing to pay for repairs to a property, a lawyer will help a tenant understand what’s involved in a commitment such as payment for repairs during the lease term. Lease terms can be changed and so can lease clauses. Landlords and tenants need a commercial property lawyer to advise on all aspects of lease terms and changes so please do give us a call for a free consultation. By Sandra Garcao
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