Rent Review – Plan Ahead

Lease Rent Up For Review?

rent reviewIf your rent review date is coming up in the next few months, or better still in a year’s time, you will be a little hectic with plenty to organize.  We hope that time isn’t of the essence at this stage and you’ve still got plenty of time before the review date is up.  If however time is of the essence, then you really need to contact a commercial leasing solicitor to get things moving.

Time Constraints

Solicitors and surveyors are up against time if you don’t plan ahead and the rent review process isn’t initiated in time.  Time is crucial in relation to a rent review date because of the complexity of a lease agreement, the tenancy and the surveyor’s report.  Bear in mind also that you and the landlord have plans.  Your plans in relation to the rent review might be conflicting.  All these are areas of commercial leasing that require specific expert advice.  Never delay initiating the rent review process.

Plan Ahead

You need to plan ahead – a few months to a year.  Remember that the process will take a few months.  You will need expert advice from commercial property lawyers and surveyors, particularly those experienced in the rent review aspect of commercial leasing agreements.  You will also need a surveyor’s input to help you assess the state of the property, any disregards and the location.

Certain Scenarios Affecting Rent

Imagine for instance, that the location of a property was initially very attractive, with an excellent footfall and a great potential for a business to succeed.  But both economical and social climate can change an area and affect business.  What was once an attractive business location might become avoided by potential customers.  If location is ideal for a business, any changes will have detrimental effects on the viability of a business.  Also, if the landlord is in disrepair, this would be considered by the surveyor.

The Documentation List

So when you get ready to initiate the rent review process, collate the following documentation:

  • Lease agreement
  • Anything relating to the lease, including supplements
  • Documents relating to repairs done in the property
  • Communications relating to any disrepair
  • Refurbishment paperwork
  • Deeds
  • Licences
  • Any other documentation that might help the surveyor’s report
  • Your intentions regarding the rent (increase/decrease/unchanged)

Next Step

Once you have put all documentation together, you need to contact a legal expert who will advise you accordingly.  They will also connect you to a surveyor with expertise in commercial property and any issues affecting a rent review.  Would you like us to help you?  Please give us a call for an initial consultation and let us know your rent review date.  We will be happy to have an informal chat and if agreeable, we’ll initiate the process for you.  SG

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Call us now on 020 7113 4003 or complete our Online Enquiry and we will be delighted to talk with you about your legal matter.

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