References are often made to 'extending' a commercial lease.
However, this could apply to two different circumstances.
The first is when the lease will end soon, and the landlord and
tenant want to renew the lease.
This is known as a renewal lease.
The second is when the lease still has plenty of time to run,
but the tenant wants to extend the time for which they can occupy
the commercial property.
Renewing the lease
Tenants of business premises usually have a right to apply for a
new lease when their existing lease comes to an end unless the
lease has been contracted out of the provisions in the Landlord and Tenant Act
1954.
Assuming that the lease has yet to be contracted out, the
landlord and tenant will need to comply with the statutory
procedure for renewing the lease, so it is essential that they both
seek advice from a solicitor.