Lease Extension Costs

Published on Tuesday, December 22, 2020

How Lease Extension Works

If you lease a commercial property, then you will need to be aware of when the right time is to start the renewal process. The following steps will help you to understand how the process works:

Check How Long You Have Left On Your Current Lease

It is never wise to leave a lease renewal to the last minute because you are not guaranteed it will be agreed nor will you be able to renegotiate in a way that benefits you. Being aware of when it is up for renewal means that you can start the process sooner rather than later!

Get Some Advice

Getting support from a lease extension specialist will not only ensure that everything goes as smoothly as possible, but they will also be able to negotiate the best deal on your behalf. Always look for a company that is local to your property, and that offers a dedicated lease extension team that you can contact with any queries you may have.

Work Out Your Best Offer

Once you have instructed a firm to work on your behalf, you can begin to calculate the amount you are willing to pay your landlord for rent in the new lease. Your lease extension expert best completes these negotiations as they will be able to base the suggested amount on factors such as the state of repair in the building as well as the location.

The Costs Involved In Lease Extension

Not only do you need to prepare yourself for a possible rent increase, but there are other costs involved in a lease extension. Check out this list of costs that you need to prepare for;

  • Conveyancing costs
  • Valuation costs
  • Interim rent where applicable
  • Lease extension expert’s fees

Each of these costs will vary depending on the property, and the main usage. It is sensible to discuss the financial implications with the lease extension firm you are working with as they will be able to provide you with an up to date figure for each of the fees you will be liable for.

Let Kirkby Diamond Help

Kirkby Diamond has what it takes when it comes to lease extensions, and we are proud to offer high-quality service from a team of trusted experts. We will provide you with the advice you need and can even represent you so that you can enjoy a stress-free process with the best results. Get in touch with our knowledgeable and friendly team who can arrange an appointment and answer any questions you may have. Don’t delay – call us today and get the ball rolling!