Rent
Review
Rent
is a process of deduction but, to arrive at the right
figure, the words must add up.
Leases contain guidelines for operating the rent review,
agreeing the rent, resolving disputes, responsibility for
costs, completing the process and paying the new rent.
Generally, a rent review is to the market rent. Market rent
is what the premises would fetch if available to let with
vacant possession on the valuation date. However, when
premises are let, the market cannot be tested, so the
review process relies on surveyor-opinion including the
interpretation of evidence.
With business premises, every lease is different. So is
every landlord, every tenant, and every property. And so is
everything else. For example: comparable evidence doesn't
just mean rent, it also includes all the terms of the
tenancy and any other documents that are associated with
that rent. Valuation isn't just about what rents others
have agreed: it also means comparing the type of premises,
characteristics, size, construction, use, layout,
configuration, trading position, and so on. Furthermore,
it's not only the wording of documents that can make a
difference: changes in business tenancy law and new
approaches to valuation can also affect the rent.
My
comprehensive
rent review service includes all aspects of procedure, from
serving notices, inspecting the premises, gathering
evidence, conducting negotiations, if need be 'going to
arbitration', to finalising the memorandum. With specialist
help and advice at every step of the way.
To
contact me, please telephone
01531 631892 or
email help@michaellever.co.uk
I
look forward to helping you in some way.
Michael
Lever