Commercial Lease Extension Solicitors

Extending a commercial lease can be complex and time-consuming. However, having a specialist lease extension solicitor like Wembley Solicitors can make it easier.

Whether you're a tenant or a landlord, the right legal advice is key. It ensures the process is smooth, compliant, and in the best interest of both parties.

For legal assistance with your commercial lease extension, contact Wembley Solicitors for a fixed fee quote on 0203 417 3700 or fill in the enquiry form.

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What is a commercial lease extension?

A commercial lease extension is a process of extending the term of an existing lease agreement to continue the tenancy beyond its expiration date.

A commercial lease extension is when a tenant and landlord agree to extend the term of a commercial lease. This is often sought to provide stability or avoid relocation. It benefits both parties by retaining a reliable tenant and avoiding disruption.

Extending a commercial lease involves negotiating several key aspects, such as the lease length, rent terms, subletting, assignment, and break clauses.

Extending a commercial lease can be legally complex, so it's highly recommended to consult a specialist commercial lease extension solicitor.

What is the process of extending the lease?

The process of extending a commercial lease typically involves the following steps:

1. Review the existing lease
2. Serve a Section 26 or Section 42 notice
3. Wait for the landlord's response
4. Negotiations
5. Lease renewal agreement
6. Finalise the commercial lease

1. Review the existing lease

The tenant should review the terms and conditions of the current lease to understand its expiry date, any renewal provisions, and the notice period required for renewal.

2. Serve a Section 26 or Section 42 notice

If the tenant wants to renew the lease with the same terms, they must serve a Section 26 notice to the landlord between 6 and 12 months before the lease's expiry date. If the tenant wants to negotiate new lease terms, they must serve a Section 42 notice. This notice should specify the desired terms and propose a new lease.

3. Wait for the landlord's response

Upon receiving the notice, the landlord has a specific timeframe to respond. If the landlord agrees to the renewal and terms proposed in Section 26 or Section 42 notice, the lease can be extended accordingly. If the landlord disagrees or wants to negotiate new terms, discussions, and negotiations between the tenant and landlord may take place.

4. Negotiations

The tenant and landlord negotiate the terms of the lease renewal, including rent, lease length, repairing obligations, and any other relevant clauses. Both parties should seek legal advice during this stage to ensure their interests are protected.

5. Lease renewal agreement

Once the parties have reached an agreement, the new lease terms are documented in a lease renewal agreement. This document should be prepared and reviewed by solicitors for both the tenant and landlord.

6. Finalise the commercial lease

Once the lease renewal agreement is finalised, both parties sign the new lease to formalise the extension. The signed lease is then registered with the Land Registry (if required).

How long does a lease extension take to complete?

The commercial lease extension process typically takes between 3 to 12 months, but working with a specialist lease extension solicitor can make it quicker.

The duration of a lease extension can vary based on factors such as the complexity of the terms and the responsiveness of the parties involved.

Key considerations in commercial lease extensions

When extending a commercial lease, several critical factors need to be addressed:

1. Negotiation of Lease Terms
2. Rent and Rent Reviews
3. Break Clauses
4. Repairs and Maintenance
5. Subletting or Assignment

1. Negotiation of Lease Terms

The lease extension duration is often negotiable. Tenants might prefer longer-term extensions for stability. Others might want a short-term extension for flexibility.

Negotiating lease terms requires a delicate balance. As a tenant, you might want favourable rent terms or protection against sudden rent hikes. As a landlord, you may want to increase rent or introduce new conditions.

Our lease extension solicitor will help with the negotiation process. We make sure the terms are fair and in your best interest. We know what terms are standard and what can be negotiated.

2. Rent and Rent Reviews

Rent is a key aspect of lease extensions. Our commercial lease extension solicitor will ensure the proposed rent increase is fair. We advise on how to structure rent review clauses.

3. Break Clauses

Some commercial leases have break clauses that allow early termination. If you're negotiating an extension, you might want to include or amend these clauses. Our lease solicitor can ensure they are clear and enforceable.

4. Repairs and Maintenance

The responsibilities for property maintenance are important. Our commercial lease solicitor will review the lease terms. We ensure the tenant's and landlord's obligations are clearly defined.

5. Subletting or Assignment

Tenants might want to sublet or assign the lease. our solicitor can negotiate these clauses. We ensure flexibility without compromising the landlord's interests.

How much do solicitors charge for a lease extension?

At Wembley Solicitors, our lease extension solicitors charge an affordable fixed fee between £1,000 and £1,500 for commercial lease extension services.

Lease extension solicitors’ legal fees may vary depending on the property location, lease terms, lease complexity, and specific landlord requirements.

What is a fixed fee for lease extension services?

A fixed fee means that the cost of the legal services for your lease extension will not change, regardless of the time or complexity involved.

At Wembley Solicitors, our fixed fees typically range from £1,000 to £1,500 for lease extension matters, with no hidden costs or nasty financial surprises.

Benefits of fixed fee lease extension solicitors

Choosing a fixed-fee solicitor for your lease extension can offer several advantages. Here are the key benefits:

• Cost Certainty: You know the cost with no surprises.
• Budget-Friendly: Costs are affordable and predictable.
• No Hourly Billing Stress: Avoid costs that rise with time.
• Efficiency: Solicitors work quickly and effectively.
• Transparent Fees: You get a clear breakdown of costs from the start.
• Peace of Mind: You're reassured throughout the process.
• Easier Comparison: Compare services without worrying about hourly rates.
• Aligned Interests: Solicitors aim to complete the task efficiently.
• Better Financial Planning: You can budget with predictable legal expenses.
• Clear Expectations: Know the scope of work and costs upfront.

How can our commercial lease extension solicitor help?

Our commercial lease extension solicitor can guide you through the entire process, from drafting a lease extension agreement to finalising the extension.

Our lease extension solicitors:

• Provide a free initial consultation to review your current lease.
• Advise you on whether extending the lease is the right choice for you.
• Negotiate terms with your landlord on your behalf.
• Prepare the commercial lease extension agreement.
• Handle the drafting and filing of all required legal documents.
• Finalise, execute and ensure proper registration of the lease extension.

Lease extension solicitors in London

At Wembley Solicitors, our team of commercial lease solicitors based in London provides commercial lease extension services throughout England and Wales.

Using modern technology, our commercial lease extension solicitors can deal with all commercial lease matters remotely without needing you to visit our office.

Contact fixed fee lease extension solicitors in London

Have a question about your lease extension? Call our fixed-fee commercial lease extension solicitors in London at 0203 417 3700 for a free initial consultation.

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