Why (or when) someone would need this service?
A freehold owner (landlord) may need the expertise of a commercial lease solicitor when a new lease is granted to a tenant or when a tenant’s lease is up for renewal. This is also a common scenario for freeholders selling a business and granting a new lease to the purchaser. Commercial lease solicitors near me are often sought after by commercial tenants as well, who require professional assistance in these matters. For more detailed information, you can read about our service for tenants.
How does the process work/what are the steps?
In the grant of a new lease, the landlord and tenant typically agree on outline terms, either directly or through a lettings agent. Each party then appoints its own commercial lease solicitor. The landlord’s solicitor is responsible for providing replies to enquiries and preparing a draft lease in line with the Heads of Terms. A surveyor might be needed to prepare a plan. The commercial lease solicitors negotiate the terms, and finally, the lease is signed, with the landlord retaining a copy for reference. Rent and other dues are collected at the commencement of the lease.
For lease renewals, especially those involving security of tenure rights under the Landlord & Tenant Act 1954, notices may need to be served. If terms cannot be agreed upon, our commercial lease solicitors can assist with the statutory procedure, either through the Courts or via professional arbitration under the PACT Scheme.
How long does it take?
A typical transaction is expected to take four to six weeks, assuming cooperation from both parties. However, lease renewal disputes that require court intervention can take several months. During this period, the tenant continues to occupy the property under statutory or agreed terms with the landlord.
Is it expensive? How do the costs work?
For new leases, our commercial lease solicitors typically base charges on the rent value, aiming to agree on a fixed fee wherever possible. Negotiations of principal terms or litigation related to lease renewal are charged at an hourly rate, with estimates provided in advance.
What are the things people should consider before calling?
In lease renewal cases, it’s beneficial to have a copy of the lease and the other party’s details ready. If any notices have been served under the Landlord & Tenant Act, it’s crucial for our commercial lease solicitors to review them promptly.
Why are Grant Saw the best people for the job?
Our team includes specialised commercial lease solicitors who are adept at handling both transactional and litigation aspects of lease renewals.