As experts in the South Manchester and the Cheshire commercial property market, Williams Sillitoe are best placed to provide lease renewal advice to landlords and tenants. We know that continuing a lease has benefits for both parties, however the new agreement has to continue to be beneficial.
A landlord, for example, will want higher rental prices to make sure they get the best return on their investment in the building, while the tenant will look to lower costs to increase their profit margins. Finding this balance can be difficult, and our team can represent parties on either side of a lease renewal when requested.
What Are Lease Renewals?
When the lease is coming to an end, and one or both parties are interested in continuing the arrangement, a lease renewal is started. This can sometimes be as simple as accepting the same terms again or it can involve changes.
Landlords are going to look at the return they receive from the tenant being in the commercial property they own, what repairs or maintenance is needed, increasing mortgage payments and other factors to determine if they need to increase the rental price – and what effect that might have on prospective tenants.
On the other side, tenants will want to keep costs down, but there are other factors to consider such as size, location and property condition. This can be argued to keep the price the same as it was previously, or for minimal increases, but there’s no guarantee the landlord will agree.
What Areas Can We Provide Lease Renewal Support In?
Having completed a number of office, industrial and retail transactions across Knutsford, Wilmslow, Altrincham, Manchester Airport, Holmes Chapel and other areas, Williams Sillitoe have a wealth of market knowledge to advise on lease renewals. We use this expertise to make sure that, whoever we advise during a lease renewal, you are focusing on the topics that really matter.
Want To Know More About Lease Renewals?
When it’s time for a lease renewal, you should take time to consider the current terms and what you would like to achieve from the negotiation of a new agreement. This may involve compromise or accepting some terms that you don’t want, but if the overall gains outweigh this, it can be worth continuing – especially if, as a tenant, you are seeing growth and success in your current location.
If you’d like to know more about lease renewals in South Manchester and Cheshire, either as a landlord or tenant, then speak to our team of experts at Williams Sillitoe today.