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Commercial Lease – When Notice Period Is Up
Commercial Lease Notice Period
Is your commercial lease up for renewal? You first need to write to your landlord and make known your intentions to extend the lease. Arrange to have a meeting, if agreeable and put it in writing that you are happy doing business in the property and that you would like to extend the lease. An informal meeting is always a good idea. But remember that everything needs to be agreed in writing. A commercial leasing solicitor will advise you every step of the way.
Terms and Conditions On New Lease
It is important that you state quite clearly that you will stay if the conditions of the lease extension are in line with your business plans for the next coming years. This will avoid new terms that conflict with your business. In other words, your landlord needs to be aware that, although you are keen to keep your business’s residence at the leased premises, your terms need to be met. Your business depends on it.
Once you meet up with the landlord and agree to a lease renewal, as well as the rent amount and payment terms, you need a solicitor to oversee the lease agreement and make any necessary changes or amendments. Both you and the landlord need to be happy with the wording on the lease agreement.
Negotiating on Terms of Existing Lease
Can you negotiate on terms for the existing lease? Often terms are not open to negotiation. You can speak to your landlord and commercial leasing solicitor to consider those terms. Lease terms can be reviewed carefully because your business and even the property’s value can be adversely affected by a lack of flexibility in the lease’s terms.
Once a new lease is granted, terms can be negotiated. Your landlord’s solicitors will likely send you the new terms to be reviewed and agreed. Your solicitors can then review those terms and make amendments. Please give us a call if you have a commercial lease up for renewal. SG
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