This one of our specialisms. We have acted for many people over the years especially for occupiers of retail property, but for most other other property types as well. It is a specialist area where the owner or occupier stands to gain or lose considerable sums of money over a 10 to 25 year lease, if well drafted, and can have a significant effect even over a 3 or 5 year rent review period.
Lease Renewals are generally covered by the provisions of the Landlord and Tenant Act 1954 and provide rights for a tenant to renew their lease subject to proper notice or counter-notice being served. Strict timescales apply and it will ultimately be for a Court to decide the new lease terms and rent unless these can be previously agreed between the parties. Many Court decisions have set legal precedents for the detailed interpretation of lease terms, how long the length of lease should be, the precise clauses that can be changed or modernised, and how the rent should be reviewed and assessed and how often. The rent agreed on renewal should reflect these many factors. We will work closely with your solicitors to get the best lease terms at the best rent for you, whether you are a landlord or a tenant.
Rent Reviews are equally difficult for the layman. Simple wording in a lease can mean a rent review cannot be implemented at all, or only once, or that if not implemented within a given timescale it can be missed forever, or a high level of rent can be set that cannot be challenged because a counter notice was not served by a tenant in time. Restrictive user clauses, assignment or alteration clauses, for example can all affect the rental to be paid.
In all these matters proper research and assessment of the comparable rental evidence is required and we do this for our clients.
We abide by the guidance given by the Royal Iinstitution of Chartered Surveyors (RICS) when giving evidence as an Expert Witness in these matters. We can deliver an effective professional service to our clients whilst maintaining our duty to the Court, Expert or Arbitrator or other mediation or dispute resolution procedure to be adopted.
Contact us for more advice on this topic: firstname.lastname@example.org