Is your pharmacy lease coming to an end?
04 October 2021
Your leasehold premises WILL affect your Goodwill Value!
Commercial lease renewals are governed by the Landlord and Tenant Act 1954 “LTA”.
You should always ensure your lease is easily accessible. You need to review your lease regularly and understand your rights and obligations, especially where the lease is to end in the near future or where you are thinking of selling your pharmacy.
Is your lease “contracted out” of the LTA? This is important to check as if it is you may not have a right of renewal.
Have you been served with a notice by your landlord or do you need to serve a notice under the LTA? If you want to renew and you have the statutory right to do so, there are different procedures to follow depending on whether you or your landlord initiates renewal. This is a specialist area with potentially severe consequences so professional advice should be taken.
There are circumstances where a lease comes to an end and the landlord can refuse an application to renew the lease. If you apply to your landlord to renew your lease and the landlord says no or you receive a notice telling you your lease will not be renewed you must take professional advice immediately, especially on whether or not you have an entitlement to compensation.
Lenders often require leases of a certain length so be aware of the impact the length and terms of your lease could have on a potential sale.
Work with the pharmacy specialists
All of this may seem like a lot of work but Pharmacy Seekers can assist you with many of these tasks.If you would like to have an initial consultation with one of our specialists please give Andy or Robert a call on 0800 195 7518 or e-mail firstname.lastname@example.org or email@example.com.