If faced with an approaching lease break or expiry, you need to determine if the space you currently occupy meets your immediate and future requirements. By assessing the opportunities available, you can deliver the best solution for your business. In order to help with this, we have produced 3 tips, so you can get the most from your lease event.
If you want to stay in your building, choose the right time to negotiate with your landlord, extending your lease or removing an unwanted break clause can create savings by:
- Reducing rent
- Introducing a rent free period or personal discounted rent
- Enabling a variation of your lease terms e.g. repairing liability
If your business needs have changed, you might want to move to a larger, smaller, more convenient property. The acquisition process is complex however, requiring:
- A thorough market search
- Evaluation of short listed properties and advice on market conditions
- Negotiation with the landlord to achieve the best lease terms for you
- Building survey or schedule of condition to minimise your repairing obligations
At lease end (expiry or break option) you will have a repairing obligation. Advice must be sought to:
- Check the availability of the landlord’s claim to assess your liability
- Negotiate with the landlord to reduce the extent of the works required
- Project manage the works to discharge the repairing obligation
- Negotiate a financial settlement in lieu of carrying out works
At Lambert Smith Hampton, we help businesses assemble and evaluate the information they require to make informed decisions and implement them. If you would like help assessing your options, please get in touch.