In some lease contracts there is a lease renewal clause which allows the leaseholder to renew the lease, if they so choose. This decision depends on a multitude of factors regarding your personal circumstances and preferences.
The Lease Renewal Process is set out by the Landlord and Tenancy Act 1954. The process commences through Section 25 (for commercial properties) and Section 42 (for residential properties) which is the notice by the landlord or tenant. This notice terminates the tenancy and either opposes a renewal based of statutory grounds, offers a renewal based on new terms, or requests for a new lease to be served by the tenant altogether.
Lease renewals should be conducted with updated market knowledge in order to ensure you are not overpaying on a property which has decreased in value. If the leaseholder chooses to stay and renew the Lease, there are checks on the market value they should be considered before taking any action. Please visit our Lease Extensions and Renewals page for more information.
What do I do next?
Contact us online or speak to one of our experienced property lawyers on 0207 998 7777 for a free initial consultation. With our vast experience in the field, our team will work with you to ensure this process runs as smooth as possible. All information you provide us with is treated with the utmost confidentiality.
We will contact you no later than the next working day to arrange a meeting at our offices in London W1 to advise on the agreement.