A business tenant who satisfies the criteria in section 23 of the Landlord and Tenant Act 1954 (LTA 1954) will have a statutory right to a new lease at the end of their current contractual term. When drafting or negotiating a renewal lease, it is tempting to assume that many of the terms under the original form of lease will continue to be fit for purpose. However, failing to reflect the changing commercial relationship between the parties can cause serious practical and financial issues later on.
Earlier this year, the Office for National Statistics published a statement saying that the Retail Price Index (RPI) "is a flawed measure of inflation with serious shortcomings and we do not recommend its use.”
When a tenant wishes to carry out works to premises which form part of a larger property, it is very often that the insurance arrangements in the relevant documents (agreement for lease or licence to alter for example) do not take into account the practical realities of what and who needs to be insured.