Lease Expiries
As a tenant of LSR plc you will have a lease for your premises of a fixed period of time i.e. three years, five years etc.
Most commercial leases issued in England and Wales benefit from government legislation, called the Landlord & Tenant Act 1954, which gives the tenant the right to renew their lease, on terms to be agreed with the landlord. This legislation requires that a notice is served by the landlord (called a section 25 notice) where the landlord states their intention to terminate the current lease at the expiry date and sets down their proposed terms for a renewal lease. As a tenant you also have the legal right to serve a similar notice on the landlord.
Generally, when approaching the end of your lease with LSR plc either the Company, or an agent acting on our behalf will contact you and ask if you intend to renew your lease. If you do want to renew, then we will serve the appropriate notice and negotiate new terms. You are, of course, entitled to seek professional advice on this matter.
If you are leaving the premises, you will be liable to the landlord for any sums due or any repairs you should have carried out during the period of your lease – these are known as dilapidations.