Lease Renewals

Given our market activity, Hollis Hockley partners are exceptionally qualified to advise both landlords and tenants in lease renewal and restructuring negotiations

We obtain a thorough understanding of the particular lease obligations, which combined with a knowledge of property contract legislation and the market, provides the foundation for our advice

Considered recommendations are formed following an assessment of client requirements, and advice provided on serving notices in liaison with appointed legal representatives


What is a commercial lease renewal?

The expiry of a commercial lease offers the landlord and tenant an opportunity to consider whether they wish to agree terms for a new lease. Unlike a review, where the rent is the only item of negotiation, a renewal allows for the potential for a wholesale change in the terms subject to market conditions and the willingness of the parties.

The statutory framework for lease renewals and terminations in England and Wales is set out in Part II of the Landlord & Tenant Act 1954 (as amended). In many cases, a lease is contracted outside the security provisions of the Act in which case they have no rights to renew.

Where a tenant enjoys renewal rights but both parties are unable to agree new terms, typically the prevailing lease allows for a 3rd party dispute resolution procedure.