Rent Reviews and Lease Renewals
During the lifetime of a commercial lease rent reviews are usually undertaken at three or five yearly intervals and having been in this sector for many years we offer a service to both landlord and tenants to achieve the correct Market Rent.
This applies at lease renewals too, though when dealing with these there is considerable scope for renegotiating the overall lease terms and expert guidance is given on what can and what cannot be rightfully achieved.
It is while dealing with these matters that schedules of dilapidations are sometimes brought into play. But we are not building surveyors and defer this specialist subject to colleagues in other firms who are.
Negotiating these transactions involves the agreement of Terms of Engagement with the client before inspecting and measuring the property. We need to see a copy of the completed lease and any other documentation which might include a Deed of Variation or Landlord & Tenant Act Notices. Armed with this information we will embark on a search of comparable rental evidence which might come from our own records, the internet, other commercial agents or Valuation Office Agency.
Once satisfied that we can make out a case for the new rent or lease terms we will report to the client before commencing negotiations.
At one time many of these negotiations had to be resolved by arbitration or Court, but changes to procedures have led to those being rare occurrences nowadays. If both parties are properly advised then there is little reason for such negotiations not to be completed without acrimony and with a fair and reasonable outcome.