Landlord & Tenant - Rent Review
Rent reviews are the periodic adjustment of the annual rent of business premises to current market rental value.
Rental value is normally assessed by comparison to transactions in other leasehold properties. However, in practice, the other properties are rarely identical and adjustments become necessary to reflect differences in age, specification, layout and location etc.
Just as properties are not identical, there is no standard wording and each lease will vary from another, sometimes significantly. This is important because it can affect what matters are to be assumed and what factors are to be ignored, both can materially affect rental value.
Sometimes there are also strict timetables to be followed.
It is therefore important that unless you fully understand these issues you take professional advice.
Chartered Surveyors are the recognised experts in this field.
Rent reviews are a fundamental part of our business. With our involvement in the market, its trends and our understanding of lease terms and valuation principles, we are well placed to assist and advise.
To discuss matters further, please contact :
Peter Layer FRICS
peterlayer@layer.co.uk
01223 300966