REVIEWS, LEASE RENEWALS & BREAKS

***STOP PRESS*** Covid 19 update .
Every business will be affected in some way. If you pay rent on your property then there’s potential to cushion the blow by agreeing a rent holiday or rent free period with your landlord. The lease advisory team at RVW deal with a wide range of lease related issues including lease restructuring, also known as a lease regear, These are unprecedented times and they will have an impact on rent review or lease renewal negotiations:

Rent reviews – the impact of Covid19 on market rents is unknown and will no doubt be subject to extensive debate between parties in coming months. There is undoubtedly a dramatic impact on values which must be taken into account if you’re review is due over the period where the virus is having an impact. Where old reviews remain outstanding many landlords are now motivated to resolve outstanding reviews. Our knowledge of the market and unique data platform provides access to huge volumes of commercial property transactions to support negotiations.

Lease renewals – If your lease is due for renewal now than what’s the impact of Covid19 on values? What’s the best strategic position? Is there a beneficial deal to be done now which includes some rent free?

Break options – If you have a break coming up then are you in the position to successfully exercise it? Landlords will be looking to avoid/frustrate breaks if that leaves them with a vacant property. If you don’t intend to exercise a break then can you exchange it for a rent free period to assist with cashflow because of Covid19?

Lease regear – Extending your existing lease by a further 3 – 15 years is possible, through our knowledge of the property market and unique data offering we can maximise the incentives you would get in return for restructuring your lease. This can provide rent free periods to ease cash flow pressures caused by the pandemic.

 

If you occupy a leasehold property then you should get professional advice when facing rent reviews, repairs/dilapidations or when exercising a break. Leases on commercial property’s rarely follow standard formats and the interpretation of terms, such as those relating to rent reviews or repair are often open to interpretation – with significantly different outcomes depending on the agreed meaning. Whether you’re facing a rent review, lease renewals or want to explore the benefit of renegotiate your lease then we have the expertise to help you.

If you have a lease renewal due then we can help you consider your options. What rent and other terms can be agreed at renewal? Is the building still fit for purpose? Are there alternative properties available and what deal could be struck? What are your building exit costs?

Breaks are an extremely sensitive subject would could be subject to strict compliance of complex terms. If you’re thinking of exercising a break then re recommend you seek early advice and we can support you through the whole process.

We’re happy to give your lease a ‘health check’ – just get in touch.

REVIEWS, LEASE RENEWALS & BREAKS

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