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TenantsMost businesses will have some experience of leasing
property. During the period of the
lease, however, there are many issues that businesses need to be aware of and
take professional advice. For
example, what to do if the lease has a break option, whether the tenant
should implement the rent review as early as possible in a rising market,
what can the landlord do to enforce lease covenants, what is the procedure at
the end of the lease, is the service charge being managed properly. It is important to revisit leases on a regular basis to
ensure that businesses are able to take advantage of any opportunities in the
lease and to ensure that – from a tenant’s perspective – the occupation is
being managed as efficiently as possible. In some cases, there may be scope to significantly improve
the terms of the lease by a mid-term renegotiation. If the landlord has intentions of disposal, for example, the
value of its interest could be increased by a mutual renegotiation to both
parties’ benefit. Landlords
For landlords, leases are a means of providing income from
property. Full repairing and insuring
leases put many of the liabilities during the term onto the tenant but there
are still likely to be issues for landlords to be aware of that may need attention. Break options, rent reviews and lease renewals are among
the issues that regularly come up and it is important to be aware – in
advance – of the options available so that issues are dealt with as
efficiently as possible. If a landlord is considering disposing of its investment,
consideration should be given to restructuring the terms of the lease to
maximise value. If you would like to discuss any issues relating to
leases, without obligation, please do get in contact. |
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© stuarthogg 2005