The premises are old and need repairs & updating - What costs might I be facing and can you help?

You could well be facing a Schedule of Dilapidations. However, this is unlikely to require you to renew the premises but more often to repair them. It may be that your landlord is just as concerned about the end of the lease as you are, as he might not want to continue to own an investment property that is elderly and in need of modernisation / redevelopment. There are potentially many scenarios that could arise from all this. For example; we could assist by negotiating with the landlord and possibly by us purchasing the property and conducting the redevelopment and letting it to you on a new lease.