Carol Goodall offers a solution to lease renewal troubles
Lease renewal involves co-operation across the professions to ensure that the lawyers and surveyors are working together. There is little point in lawyers advising a client on lease renewal procedures if surveyors are in the process of discussing a regear with the tenant, changing the covenants, or other terms of a new lease.
Early start
Most landlords’ surveyors will have a “brought forward” diary to flag up lease renewals where there is still a year or two to go. There are clear benefits in starting the process early to ensure that the professionals are aware of what the client wants and also that the client is given a realistic assessment of what is achievable.
It is not uncommon for a tenant to instigate a lease renewal with a view to obtaining a lower rent. Some landlords are happy to agree such to prevent the tenant leaving and then having to find a new tenant , take a void period (especially if loan repayments are due) and responsibility for rates. Offering a rent free period,
