Rent Review and Lease Renewal
We have the relevant experience and market knowledge to provide expert advice on rent reviews and lease renewals. First hand knowledge of comparable deals and transactions is always better than ‘hearsay evidence’.
As Chartered Surveyors, we act for both landlords and tenants. This enables us to give balanced and accurate advice and to negotiate effectively through to the process of third party referrals for arbitration or an expert valuer, including proofs of evidence and counter submissions.
Obviously the rental value or market rent will reflect the location of the property, its age and condition, size and quality of the accommodation, whether heated or lit, car parking ratio, and many other attributes.
The specific terms of the lease also have a significant bearing on value. The exact wording of the tenant’s obligations and responsibilities, the repairing and decorating obligations, length of lease, rent review pattern, break clauses, user clause, ability to assign or sub let and service charges will all have a positive of negative impact.
We are also skilled in advising clients when re-negotiating lease terms mid lease or agreeing a re-gearing of the overall lease terms to suit the needs of both landlord and tenant. In the current tough economic climate such flexibility can be advantageous to both parties.
