We advise on commercial property rent reviews and lease renewals. Rent reviews are the usually 5 yearly process of the landlord negotiating an increase in the existing passing rent to the market value. Usually rents increase over time and both the landlord and tenant appoint their own rent review surveyor to negotiate the rent review.
Business tenants do not have automatic security of tenure at lease expiry. Security must be applied for. The process is primarily controlled by the Landlord and Tenant Act 1954, Part II. The process involves agreeing a new rent and modernising the lease terms as appropriate.