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get the right balance

If you decide that remaining where you are is your preferred option, you'll have to renegotiate your lease (if possible).

As landlords prefer not to have empty premises, market conditions tend to favour tenants - so you should be in a strong negotiating position.

Your renegotiation strategy could include:

  • A Rent Free Period: an impending lease break might allow you to negotiate a rent free period in lieu of not breaking the lease
  • Favourable rent: if the lease is up for renewal, consider negotiating a rent reduction - what are your rights of renewal (many leases are protected)
  • Refurbishment/redecoration: if the premises needs it, negotiate a 'deal' - the rent is waived or reduced temporarily
  • Limit your liabilities: if the lease terms relating to repair costs are onerous, negotiate - what better time to review your Dilapidations liabilities and secure more favourable terms. Is the building well run; should the service charge be capped

Your bargaining power is underpinned by an old adage "a tenant in situ is worth more than a vacant property."

when staying put is the best ‘move’ option

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