Beware FBT mistakes
FARM business tenancies do not end automatically when they have run their set term.
With Lady Day approaching fast, solicitor Graham Smith, of Lincs-based Roythorne & Co, warns that some tenants could end up making costly mistakes.
Unless notice to quit or notice of a rent review is served a year before the end of the term, FBTs of more then two years will run on for a further year at the prevailing rent, he explains.
Some tenants who paid high rents to secure land on FBTs a few years ago will now want to reduce that rent or even quit the holding at the end of the term, says Mr Smith. *