Rent Review and Lease Renewal
Rents for Commercial properties leases are usually reviewed every 3, 4 or 5 yearly. With our in-depth market knowledge and our regional database, we are best placed to negotiate an optimal rent settlement.
The rent review clause sets out when each review will take place, the method of review, assumptions and disregards to be made when valuing the premises for Rent review.
We act for both landlords and tenants in relation to industrial unit, office and retail properties. Rent review negotiations require a full understanding of the intricacies of the lease and rent review provisions together with case law. We also prepare the required legal notices, rent review memorandum etc on behalf of Landlord and Tenant so our clients save more money by not appointing solicitor for the same. In the event of agreement not being reached by negotiation, third party (expert or arbitrator) appointment is required. An expert representation is required to present the best case at Arbitration or Independent Valuation which we are able to provide.
WHY INSTRUCT US
This is one of our specialties. The ability to read a lease carefully, to find angles and explore ways of interpreting the provisions, and assessing the evidence, requires a calm mind and meticulous thinking. We are fully aware of the market forces, legislation and case law affecting rent reviews. We have extensive experience and have a track-record of superb results.
What do we charge?
We are so confident of our expertise, that we are willing to make a promise…
NO SAVING…NO FEE…
Depending on the details of your case, our fees would be either:
- A percentage of the rent we save below the rent proposed in the first year or percentage of increment in rent if we are acting for landlord/freeholder
- An agreed flat fee
- A percentage of the new rent.
If the case is referred to Court, Independent Expert or Arbitrator, additional charges may apply – further details on request.
The law regarding lease renewals of business tenancies changed in 2004 and if the correct process is not followed or deadlines are missed, the consequences could affect your business / investment.
Lease Renewal occurs at the end of a commercial lease term, usually during the last 12 months before a lease comes to an end. This process starts by service of various notices.
Serving and responding to notices at the right time in a correct manner can be critical to the renewal process and experience in such matters can make a significant difference in the outcome. If the lease is protected under the Landlord & Tenant Act 1954 the tenant has an automatic right to renew the lease subject to certain conditions. If the lease is not protected then the lease renewal process must be dealt outside the Act in a different manner.