Pub Lease Renewals
Pub Innsite represent both Independent Landlords and Tenants in the Lease Expiry Process.
Make no mistake, the renewal process is very technical and strategic in nature. Any kind of error could be VERY expensive. Use of a SPECIALIST solicitor is fundamental, some Pub Companies have been varying leases under the guise of "modernisation" to a degree which is fundamentally unfair, only an experienced solicitor will know what is fair and reasonable and what is out and out chancing your arm. NB Landlords are NOT allowed to charge legal fees for a lease renewal. We can recommend an experienced solicitor where referral fees are NOT paid, not many Surveying Practices can write that on their web page! We recommend on value for money and expertise.
The Lease Expiry and Renewal process is an important opportunity to "re-set" upward only rents to market levels, this is more important where annual RPI increases have inflated the rent to one higher than the open market would secure, where you have a lower rent than the market, a different strategy needs to be employed. Professional representation is absolutely vital to ensure that "traps" do not result in a tenant losing a great opportunity for a viable rent.
You should consider taking advice 18 months ahead of your lease end date because of the increasing likelihood that your landlord may object to a new lease (mainly restricted to the big pub companies of 500+) . Please also note that you should have no dilapidations, as these can be used as fault grounds for a landlord to object to a new lease leaving you without compensation. Understanding your options early can enable pre-emptive strategies to be implemented in good time.
Do not forget that if you are a tenant of one of the big pub companies (500+) you could also have an opportunity to request a Market Rent Only option. See MRO web page
If you are served with a notice you can not ignore it. If a tenant fails to protect his position he will risk losing his Landlord and Tenant Act rights to the protection of his tenancy. Always use a RICS regulated company to ensure a satisfactory standard of service.
If you do not serve notice to start the lease renewal process, you can effectively "hold over" on a rent that is higher than you should be paying. i.e if you do nothing you will carry on paying a rent that might well be too high. Many tenants are concerned about the costs involved, Pub Innsite can provide flexible and value for money terms which might surprise most people. There is also another low cost option for determining Lease Renwals - Professional Arbitration on Court Terms (PACT) in situations where PIRRS is not available. This is significantly cheaper than going via the Court and the ability for awarding costs can also apply.
For a no obligation discussion please contact us at your convenience. Our fees are reasonable, you can't afford not to take professional advice.