Lease renewal on Old Street outside of the Landlord & Tenant Act 1954

Having acquired their first London showroom in Old Street some 5 years previously, Warwick Bookman & Associates advised Forma 5 to approach the landlord well in advance of their lease end because the lease was contracted outside of the Landlord & Tenant Act 1954, so they did not have a legal right to renew.

We pointed out that if matters are not addressed early in this situation, the landlord can have the tenant “over a barrel” financially should the tenant want a new lease.

We negotiated the rent down, saving Forma 5 £83,125 over the term of the new lease for which we received a fee of £4,712 plus VAT.

June 2013