Rent review – Useful information
Understanding the procedures of a rent review can be complex however there are various hints and tips which may assist if negotiating with either a Landlord or Tenant without representation.
Ten Tips which will help lease negotiations
Below are ten useful and important points to consider when commencing the rent review process which may affect rental value.
- Most rent reviews are upward only but not all
- Check whether the rent review is based upon Open Market Rental value or RPI
- Tenants continue to pay the passing rent until the revised rent has formally been agreed
- Ensure time is ‘Not of the essence’ and time limits are adhered to strictly
- Check the various ‘user’ clauses within the lease
- Allow yourself time to negotiate
- Be aware of the market and recent comparable evidence before undertaking any negotiation
- Check Alienation provisions within the lease
- Ensure any offers made by either a Landlord or Tenant are on a ‘Without Prejudice’ basis
- Be aware of the Third Party procedures which will be set out in the lease
- Ensure any agreement is documented by way of Rent Review Memoranda
Have negotiations failed? We can help with dispute resolution.
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London’s Leading Rent Review and Lease Renewal Specialists who for over fifty years have acted for both Landlords and Tenants ensuring the very best commercial property results.