Renewing your lease: know your rights and don’t get caught out
By Edward Cooper and Jill Carey
Businesses operating within the life sciences sector may have bespoke requirements, making it difficult to find suitable premises at the end of a lease. Here we discuss how businesses can avoid certain pitfalls when renewing a commercial lease.
It is essential for your business that you have a suitable property from which to operate. This is particularly important for our clients in the life sciences sector, who often have special requirements for their premises and may not find it easy to relocate. Therefore, as part of your corporate planning, you should review well in advance whether you will be required to move at the end of your lease or whether you have a legal right to stay.
Subject to some limited exceptions, commercial leases in the UK can be divided into two categories: those benefiting from the security of tenure provisions in the Landlord and Tenant Act 1954 and those that have been expressly excluded from that act. If you don’t know whether you have security or not, we recommend that you seek advice. Either way, you should be thinking about your options at least 12 to 24 months before your lease expires, depending on the size of your operation…
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