Be best placed to negotiate better deals before leases and breaks expire

If you want to ensure you can negotiate the best deals before leases and break clauses expire, then you can set reminders so you can stay on top of key dates. With WorkSavi, you can set up reminders easily. 

Reminders for lease expiry dates and breaks can be system notified via the WorkSavi Notification module.  Not only will you see the notifications in WorkSavi, you can also choose to receive an email notification in good time before the event.  

Furthermore, in our reporting module tables can be created to show the key dates due in chronological order, from earliest renewal / review date to a look-ahead period of your choice.

Why is it important to negotiate better lease and break deals before they expire? 

Whether you specialise in residential, commercial, retail or manufacturing properties, it’s essential you negotiate the best terms to protect your estate. 

Lease dates and break clauses are there to protect both landlords and tenants. They help to define the duration of the lease, provide flexibility for both landlords and tenants and establish conditions under which the lease can be terminated before its natural expiration.

Understanding lease dates: 

Start date: The date when the lease officially begins and the tenant gains the right to occupy the property.

End date: The date when the lease term concludes, and the tenant is expected to vacate the premises unless a renewal or extension is granted. 

Understanding break clauses:

A break clause is a clause in the lease agreement that allows either the landlord or the tenant to terminate the lease before the end of its fixed term. 

The reason for a break clause is to provide flexibility to both parties. So, a tenant can exit the lease early in a specific period when termination can occur, and a landlord can regain possession of the property if their reasons meet certain conditions that have been previously outlined in the agreement. 

Points to consider: 

  • It is essential to draft break clauses carefully to ensure you protect your interests
  • Ambiguous or poorly worded clauses can lead to disputes and uncertainty 
  • It is crucial that you specify the required length of notice in the lease agreement
  • Clearly state conditions of terms on tenants’ break rights as these conditions can incentivise compliance and help to prevent costly losses to yourself

Getting legal support with leases and breaks negotiations 

Negotiating and drafting these clauses can be complex due to the risks involved. 

Protect your assets by calling on legal advice from an experienced property law specialist. By doing this, you will ensure your contracts are watertight with obligations and clauses clearly defined which will give you peace of mind knowing you’re acting in a legal and compliant manner.

Lease and break bonuses

If you do not take up the lease break and continue with the lease, you could be entitled to a bonus, this could be a payment break for a specified period of time (as outlined in your contract).

If you are entitled to a bonus, you will need to ensure your landlord actions this, this mean you need to chase what’s owed to you if your landlord doesn’t action it automatically. 

This is often only available for a limited period of time, so we can help you keep track of these dates so you don’t miss out on something that’s owed to you and could save you a significant sum of money, especially if you’re leasing multiple properties.