Most commercial leases of more than 5 years duration will contain provision for rent reviews to market value at regular intervals.
Successful rent review and lease renewal negotiations require a keen perception of market values and trends and a good knowledge of lease construction. The meaning of clauses that impact on value are frequently unclear which often gives rise to differences of interpretation with consequent widely differing opinions of rental value. The majority of rent reviews are settled by negotiation, failing which the lease will usually specify a third party arbitrator or independent expert for resolving the dispute.
Our experienced team of Chartered Surveyors is exceptionally well placed to advise both landlord and tenant clients on the best way to tackle rent review negotiations. Our service includes all aspects of procedure from serving notices, inspecting the premises, gathering evidence, conducting negotiations and, if needs be, preparing expert reports to a third party and ultimately finalising the rent review memorandum.