Lease Renewal & Re-gear

Key to lease renewal advice is that all parties understand the different scenarios that arise between a commercial lease protected by the Landlord and Tenant Act 1954 and one which is not (commonly referred to as a lease “Outside the Act”).

HW have extensive experience of advising clients in both situations. The important point is to start looking at options well in advance of  any critical dates. Not only does this enable our team to have time to fully review each individual lease event but it also ensures all necessary notices or procedures can be served or put in place. This both protects any rights that exist under the terms of a lease but also ensures tactics are well thought through and the best negotiation stance is maintained.

Constant liaison with our clients ensures we are able to take advantage of any situations which arise were an approach to re-gear a lease could be beneficial. This may be related for example to the removal of a break clause or an early request for a new lease. There are many situations where our expertise can help add value by being proactive and looking at multiple opportunities to instigate changes that benefit our clients.

Case Study

Hurst Warne Re-gears and Lets Office Suite For Record Rent

The Brief

Hurst Warne were instructed to let a ground floor office suite at Ashcombe House in Leatherhead and also re-gear the first-floor lease.

The Outcome

• Ground floor office suite let £28.28 per sq ft (a record rent for a Leatherhead town centre office letting) • First floor lease term extended and rent review pre-agreed at a healthy uplift • The above 8,000 sq ft transactions led to an enhanced asset value.

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