Rent reviews allow the leaseholder or freeholder to periodically adjust commercial rents to ensure that they are in line with current market level rent.
They take place at whatever intervals are agreed in the rent review clause(s) in the commercial lease, these are usually every 3 to 5 years.
Under the Landlord and Tenant Act 1954 commercial/business tenants have the right to renew their lease, unless they have given up this right by virtue of contract.
At the end of a tenancy the Landlord should serve a notice on the tenant terminating the lease. This notice will state whether or not the landlord will oppose a new lease.
At this point, surveyors are appointed by both parties to negotiate and agree on the terms of the new lease, this will include items such as; rent payable, repair obligations etc.
Failure to agree on the terms will result in applying to the court for a new lease.
Throughout this process there are notices which are highly time sensitive and must be served by the solicitors within the strict time scales.
How we can help?
Rent Reviews and Lease Renewals are specialist subjects and Valuations should only be undertaken by Surveyors with relevant expertise.
Nationwide surveyors have many years of experience of undertaking such valuations and negotiations. We can assist with:
- Undertake a valuation to determine the current market rent and it will have full regard to the terms of the lease together with any relevant licenses (deed of variations, licenses for alterations and improvements etc.).
- Negotiate with the tenant or the landlord or their representatives regarding rent (for rent reviews) and the terms of the new lease (for lease renewals).
- Make representations to third surveyors in instances where the settlement cannot be reached.
- If necessary, we can act as expert witnesses at court hearings and provide proof of evidence for submission to an independent expert or arbitrator.
We will provide guidance on how best to proceed with the options available and advise you through the complex process of the Rent Review or Lease Renewal.
We can act on your behalf weather you are a Leaseholder or Freeholder.
Give us a call for a free consultation and Estimate.
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