Whether considering the acquisition of new leasehold premises, or the renewal of an existing lease, one should take into consideration that it is the only time a tenant is presented with the opportunity to actively have input into the terms of the lease. Any such negotiations should be as forward thinking as possible to meet the objectives of the company over time and minimise the restrictive nature and financial obligations of the terms of the lease.

When considering either a lease acquisition or lease renewal, it is imperative to be as flexible as possible, in respect of the decision-making process, in order that one is not put into a position where unnecessary pressure is placed upon the tenant to complete on onerous terms.

We would recommend that sufficient time is allowed for the negotiation of both a lease acquisition and lease renewal, in order to permit, in the case of a lease renewal, relocation to suitable alternative premises, if needed, and, in the case of a lease acquisition, a decision is taken as to whether or not other opportunities need to be explored.