Whether you are an owner of a commercial property or a tenant, you should seek professional advice well in advance of the end of the lease, when you will have to negotiate a rent review or lease renewal. At Johal Regan our advice will help the process run smoothly and ensure you receive the best outcome.
Most leases make provision for rent reviews, usually after a three-year or a five-year period, and will set out a detailed procedure. Rent reviews may be in the form of fixed rental increases, or indexed rents where the rent changes in line with a measurement such as the Retail Price Index.
Many leases will include an 'upward only' rent review meaning that the rent will rise regardless of price drops in the area. Leases will also include details of the process for settling disputes. Negotiations can often be difficult and protracted, especially if there are disagreements on either side. It is always recommended that an independent expert such as a chartered surveyor, who will be able to help you negotiate a fair rent for the property, is appointed well in advance.
A pre-requisite to being able to negotiate a successful rent review or lease renewal is a detailed understanding of the market and recent trends and deals, which are a by-product of a successful agency business. At Johal Regan we have extensive knowledge of both the marketplace and up-to-date legislation.
We can undertake a detailed review of the lease together with rental appraisals of most commercial properties. Our team will assist in negotiations and disputes with the aim of ensuring that a fair rent is set. As a landlord you will maximize the performance of your investment. As a tenant, you can minimize your costs.
Our expertise can make a significant difference to the outcome of your review negotiations. In addition, where the other party is represented, good relationships and mutual respect between other local surveyors and us is guaranteed. This ensures that reasoned arguments can be presented and accepted as such by each side, minimizing the risk of a confrontation and subsequent delays and additional costs.
For more Lease Plan information click here.
If you are considering development we can help you through the process from the planning application stage to the completion of building works.
If you would like to discuss your plans and get a quote, contact us on 020 7175 1441 or use our contact form.