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Rent Reviews

Urban Retail

Whether formal or informal, all retail premises will have some sort of agreement in place, if not written it is implied. If not contracted out of the Landlord and Tenant Act 1954, it is likely that your lease will be afforded protection under the 1954 Act, unless otherwise specified. As such it can be contemplated that your landlord may wish to increase the rent at some point in time or bring the agreement or lease to an end. 

With a lease in place, it will be specific on how and when the rent can be increased, and perhaps with an upward and downward, it may go down. They may specify that the rent should be valued to Open Market Value, or it may be linked to an RPI increase.

At this point, the landlord may need to follow certain protocols to serve a rent review notice and it is in advance of this a tenant should seek professional assistance, to ensure timescale and protocols have been complied with. 

Do you want a 1/2 hour initial chat about a lease renewal? I am tenant-focused I am happy to give free initial advice. 

Coffee Shop

Leases contain guidelines for the rent review, serving notices, agreeing on the rent, resolving disputes, responsibility for costs, completing the process, and paying a new rent. Generally, a rent review is to the open market rent. Market rent is what the premises would fetch if available to let on the valuation date.

 

The review process relies on a combination of the valuation guidelines in the lease and an opinion which includes the interpretation of evidence. 

Every lease is different, every landlord, and tenant, and every property. And so is everything else. Comparable evidence doesn't just mean rent, it includes all the terms and conditions of the tenancy.

Valuation isn't only about what rents others have agreed: it also means comparing the type of premises, size, construction, use, layout, configuration, trading position.


 

Testimony - "I asked Chris to look at a rent review where my Landlord was trying to double the rent - Chris got a nil increase" Craig B - The Fish Bar - Crewe 

I asked Chris for assistance on my lease renewal against Asda- Not only did he achieve half my rental from £25k.pa to £12k, but I also got a new lease with regular break clauses. Michael V - Crewe 

Chris undertook a Rent review on one of our shops in Belfast and reduced the rent from £215,000 to £79k- National Retailer
 

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