Landlord & Tenant - Lease Renewals or Restructuring
The courts oversee most lease renewals. This is because most tenants are protected by the Landlord & Tenant Act 1954 which gives the tenant the right to remain in occupation and the right to a new lease but at current market rental value.
If a tenant's lease is not governed by the Act, at the end of the lease, the landlord can legally request that the tenant leaves the property.
The Act lays down a set renewal procedure. Because of this and because certain time limits apply, it is important both parties know their rights.
Either the Landlord or the Tenant can initiate the renewal procedure by serving a prescribed notice. However, if neither party initiates the renewal procedure, the lease is deemed by law to continue at the same rent, but the tenant can vacate on giving the landlord three months notice.
With their involvement in the property market, Chartered Surveyors are the recognised experts in this field.
Lease renewals are a fundamental part of our business. With our understanding of lease terms, market trends and valuation principles, we are well placed to assist and advise.
To discuss matters further, please contact :
Peter Layer FRICS
peterlayer@layer.co.uk
01223 300966