A lease often contains a provision for the rent to be reviewed to market levels at the review date. At lease expiry there is also an opportunity for the rent as well as other occupational terms to be negotiated.
It is very important for both landlords and tenants to take advice at this time from Chartered Surveyors with a detailed knowledge of the complexities of Landlord & Tenant Law as well as the property sector and locality, where market and rental trends are established through the analysis of many and often varied transactions.
A tenancy protected under the Landlord & Tenant Act 1954 is normally brought to an end by a notice served by either party. For both landlord and tenant the timing of service of the notice and the content to be contained therein needs to be given careful thought and consideration. Advice on this strategic decision is part of the service the Underwoods lease advisory team is able to provide based upon our in-depth knowledge of the constantly changing leasehold market. Our role is to advise on the terms of a new lease and to negotiate the best deal for our client, reflecting income needs, investment objectives and business plans.
Rents at review are sensitive to the specific terms contained within the lease and a thorough understanding of how these can affect the rent can have a significant bearing on the outcome, potentially making or losing substantial sums or savings over the review period. It is only through a detailed analysis of individual transactions that the true level of rent can be established to ensure that your interests are best protected.
The lease advisory team at Underwoods through their in depth knowledge of Landlord & Tenant Law and considerable market experience are well positioned to advise on rent reviews in respect of all types of commercial property to include industrial, office, retail and leisure sectors.
Normally terms can be agreed through negotiation but if not, the Underwoods team have extensive experience in advising and representing clients as Expert Witnesses in Arbitration and Independent Expert referrals as well as the Lease Renewal Court process.
If you require initial advice relating to any lease advisory issue, then please contact our team on the details below.