Moorcrofts commercial property team acted for a national accountancy firm relocating its head office premises in Maidenhead. We were involved early on, reviewing and advising on the proposed heads of terms and inspecting the premises with the client to better understand the proposed transaction, which was to create an underlease of part out of the existing tenants office demise. As such we had to consider what areas would be designated common parts and what rights our client might need over any areas retained by its landlord.

The landlord’s lease had an upcoming rent review, but the terms agreed with our client were based on a fixed rent. The landlord suggested that the underlease also incorporate a rent review but that it would reimburse our client for any excess rent due above the agreed figure following the rent review. We advised our client against this, on the grounds that there was too great a risk to our client of the landlord defaulting on this obligation, leaving our client liable to pay a higher rent and insisted that the landlord seek the superior landlord’s approval to the rent in the underlease remaining fixed, which was agreed.

The works that the landlord had agreed to carry out to create the area to be to our client needed the superior landlord’s consent, which had an impact on the time frame for completion of the matter. We worked closely with our client’s surveyor and fit out contractor and the landlord’s surveyor to ensure that the superior landlord’s requirements were dealt with as swiftly as possible, thereby enabling consent to be obtained for the required works.

Our client’s landlord had some very specific independence requirements which it sought to include in the lease. Again we were able to work closely with our client, the landlord’s solicitor, the landlord’s in house general counsel in America and the agents to agree some compromise wording in this respect to satisfy both parties.

As usual, we advised our client to have a survey carried out, and for its repair liability to be limited by reference to a schedule of condition. We liaised with our client’s building surveyor to raise matters identified in the survey with the landlord to ensure that they were picked up and dealt with as part of the landlord’s works and consented to in the superior landlords licence for alterations.

Given the involvement of a superior landlord and they need to obtain consent, not only to the underletting, but also to the works the landlord was carrying out to create the demise, the initial proposed timeframes slipped. Our client was however under a strict deadline for the lease to be completed in advance of the end date of its existing lease premises.

By working closely with all parties and maintaining a sensible relationship with the landlord’s solicitor and agent we were able to achieve completion in advance of the clients ultimate long stop date.

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