A tenant of a business lease has a statutory right to a new lease at the end of the contractual term if it satisfies certain criteria under the Landlord & Tenant Act 1954. Briefly, there needs to be a tenancy which relates to the premises, and the premises need to be occupied for the purpose of a business carried on by the tenant.
Most leases are protected by the Landlord & Tenant Act 1954. When the lease runs out and the parties have not done anything about it it the tenant holds over under the same terms including the same rent until the lease is terminated or until a new lease is entered into and the provisions of the Act come into force,
The Act protects the tenant and provides security of tenure to the tenant and entitles the tenant to obtain a new tenancy of their premises.
In addition the Act recognises that it would be just to enable the landlord to recover possession at the end of the current tenancy in certain circumstances. These grounds are set out in section 30(1) of the 1954 Act.
We at Quinn & Co are fully conversant with the Landlord & Tenant Act 1954 and can guide you through the lease renewal procedure whether you be a landlord or a tenant.