Commercial Lease Renewals & Rent Reviews
Rent reviews adjust the current rent to current market levels. When premises are subject to a lease, the rent is normally reviewed at regular intervals, often every three, four of five years.
The level of the rent is determined by the location, the specification of the property, the lease terms and the market evidence based on comparables.
Our advice will always have regard to the rent review provisions set out in the lease. We consider technical and legal issues, as well as market evidence and conditions. We will provide you with evidence as to current market conditions and advise on the market rent.
We are experienced in preparing Expert Witness reports for written submissions to Arbitrators and Independent Experts. However, this is a last resort and we will always advise on the best way to mitigate cost exposure if settlement is proving difficult to achieve.
If the lease is within the security of tenure provisions of the Landlord & Tenant Act 1954 the tenant has a right to a new lease. There are some exeptions, for example, if the landlord wishes to re-develop.
There are strict time tables set out for the serving of Notices and these must be followed. It is very unlikely that a landlord will be able to oppose the grant of a new tenancy. Early legal advice is recommended, to both parties involved. If terms cannot be agreed, the dispute will either be resolved through county court proceedings or mediation.
We advise both landlords and tenants on lease renewals and negotiate terms.