Retail Leases Act 2003

If a retail premises lease contains an option exercisable by the tenant to renew the lease for a further term, the lease must state—

the date until which the option is exercisable; and

how the option is to be exercised; and

the terms and conditions on which the lease is renewable under the option; and

how the rent payable during the term for which the lease is renewed is to be determined.

If a retail premises lease contains an option exercisable by the tenant to renew the lease for a further term, the only circumstances in which the option is not exercisable is if—

the tenant has not remedied any default under the lease about which the landlord has given the tenant written notice; or

the tenant has persistently defaulted under the lease throughout its term and the landlord has given the tenant written notice of the defaults.