Advice for New Tenants
Are you taking a lease on a commercial property for the first time? You will inevitably be excited at the prospect of starting a new business but taking commercial property on lease has pitfalls which should be avoided. Failure to understand your liabilities under a commercial lease can be extremely costly.
We are able to advise new prospective tenants on lease potential pitfalls in order to ensure that you are able to concentrate on your new business without the need to worry about a lease of premises which does not fit the requirements of your business.
At Meridian we can provide specialist advice in relation to rent reviews and lease renewals of all types of commercial property.
We have an in depth knowledge of rental values and a sound technical knowledge of all relevant case and statute law relating to commercial leases.
Many commercial leases include provisions for regular rent reviews, over the entire course of the lease term, typically occurring every three to five years.
Rent review clauses set out when each review will take place, the method of review, assumptions and disregards to be made when valuing the premises for the purpose of rent review, the procedure to be followed, and methods for dealing with disputes if they arise.
Our Chartered Surveyors are experienced in working with landlords and tenants to review rents for all types of office, retail and industrial properties.
Our Chartered Surveyors have experience of representing landlords and tenants through the lease renewal process. The Landlord and Tenant Act 1954 governs lease renewals and gives tenants the right to a new lease on similar terms to the existing lease but with an updated rent and terms.
Lease renewals can be very complex so we provide expert advice to help you maximise the opportunities presented by a lease expiry. We recommend talking to our commercial team as early as possible, in order to discuss your requirements and get the renewal right first time.
We guide, both landlords and tenants through the statutory lease renewal process in relation to appropriate terms for new leases.
We are able to liaise with your solicitor from an early stage of the process in order to ensure that the best results are obtained for you.