Lease Renewals
Under the Landlord and Tenant Act 1954, Tenants of commercial property have a statutory right to a new lease at the end of the original term. As with rent reviews, there is a mechanism to have the lease terms determined by a third party if the Landlord and Tenant cannot agree revised terms. This is a complex process involving the serving of legal notices with exact timings and the Tenant making an application to the Court for the grant of a new lease.
Historically the third party for determination in the absence of agreement has been the court however, a recent innovation is an alternative form of mediation known as PACT where an independent party is agreed by the parties to avoid court involvement.
Northam Clover have extensive experience of dealing with rent reviews and lease renewals throughout central London. |
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