Rent Review & Lease Renewal
The success of rent review negotiations depends upon the correct interpretation of specific lease terms and the analysis of comparable evidence. Faced with the threat of Arbitration or Court proceedings, many tenants feel under pressure to agree, without proper consideration of the landlord's proposal.
Chartered Surveyors, London Clancy, has specialist expertise in rent review and lease renewal matters and advise a wide variety of businesses on Landlord & Tenant issues, including arbitration and independent expert appointments.
Our Chartered Surveyors have many years experience acting on behalf of commercial property occupiers and regularly achieve substantial financial savings.
We are happy to work on a performance-related basis and will undertake an initial consultation free of charge. With our offices based in Southampton, Basingstoke and Camberley, we have an in depth knowledge of the commercial property market throughout the region.
Rent review
Even in today's flexible markets, with short terms and break clauses often being agreed, rent reviews are an integral part of many leases. It is essential to landlords and tenants to be properly advised. Landlords need to maximise the return on investments and tenants need to keep outgoings to a minimum.
In carrying out rent review work for landlords or tenants our surveyors have a detailed knowledge of commercial properties, local market evidence, case law, legislation and other relevant matters.
In providing initial advice, we carry out a measured inspection of the property, read the lease and other important documents, collect rental evidence and advise on rent and tactics.
We deal with the service of notices or counter-notices as appropriate and negotiate the rent, always keeping the client appraised of progress.
Hopefully the matter can be dealt with by negotiation alone and we then advise on the documentation of the review.
In the event of the dispute remaining following negotiation, we advise on the third-party process, the strength of the case and the likely costs involved.
Our surveyors are very experienced in acting as Expert Witnesses in putting a detailed case to the Arbitrator or Independent Expert and advising on related matters such as sealed offers.
Lease renewal
Following the highly significant changes to the legislation surrounding renewals under the Landlord and Tenant legislation in June 2004, it is essential to consider carefully timings and tactics on lease renewals - now more than ever before. In particular the changes to the landlord's notice and the interim rent procedures mean that strategy has to be tailored to the current and predicted states of the market, the current rent and other matters.
Before the lease termination process begins specialist advice is invariably required. The first issue to be established is whether it is, in fact, a '1954 Act' renewal or whether the security of tenure has been excluded in the current lease. This would give a completely different set of circumstances to consider. There are then matters such as whether the landlord wishes to redevelop, whether the tenant wants time to look for alternative premises or whether both parties wish to renew.
In carrying out lease renewal work for landlords or tenants our surveyors have a detailed knowledge of commercial properties, local market evidence, case law, legislation and other relevant matters. In providing initial advice we carry out a measured inspection of the property, read the lease and other important documents, collect rental evidence and advise on lease terms, rent and tactics.
We liaise throughout with the client's solicitors as the timing and content of the notices they serve and dealings with the Court, as a background to the negotiations, is extremely important.
Our hope is that the matter can be dealt with by negotiation alone and heads of terms agreed. We then liaise with the client's solicitor while he deals with the draft lease as we have a detailed knowledge of the property and how the terms will impact on the property and the parties.
In the event of the dispute remaining following negotiation we advise on the alternative steps, such as taking the case to Court or PACT, the strength of the case and the possible costs involved in the different courses of action.
Our surveyors can act as Expert Witnesses in putting a detailed case to the Court or third party and advising on related matters such as sealed offers.
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