Get Estimates for Rent Review
Do You Need Assistance with a Rent Review?
Have you just received a rent review notice requesting that your rent increase? Are you a Commercial Landlord or Tenant? Are you trying to negotiate a rent review? Rent reviews can be difficult as property valuation and negotiation are niche skills, where information can be difficult to find, and valuation techniques the skill of professional Chartered Surveyors. Rent reviews are also getting more sophisticated in their valuation as the flexibility of Leases is increasing, meaning more variables to consider when valuing. As this is the case, it is appropriate to look for Chartered Surveyor to negotiate on your behalf.
For assistance on a rent review, please fill in the form above. On doing this you will receive contact details from Surveyors who specialise in Rent Reviews in your area. You will be able to make direct contact with the experts to discuss your requirement in more detail. Before instructing a property expert to represent you or carry out work for you, please ensure that your chosen property expert has the relevant qualifications, licences, experience and insurance to provide the level of service that you require. There is of course no obligation to use any of the property experts that you have been introduced to.
What is a rent review?
As the title suggests it is a point in the Lease when the rent level is reviewed. This is usually to move it in line with current rental levels, alternatively the increase could be pre agreed or to change in line with a pre-chosen price index. This will be detailed by the rent review clause in the lease. The rent review could also be upwards or downward. The wording of the rent review will need to be looked at by a Chartered Surveyor to confirm the terms of the Rent Review as other aspects are likely considered in identifying the valuation.
When you have instructed a Chartered Surveyor to represent you in the rent review negotiation, they will look at the wording of the rent review clause, the Lease terms and indeed, if appropriate look at comparable properties to provide evidence for their valuation for the rent review. It is important to understand that even if the rent review date has passed, and the landlord has not written to you about the rent, depending on the terms of the Lease, there could be no time limit to this and any increase in rent would then be backdated to the rent review date. This could mean a large backdated rent demand all at once, and therefore in some circumstances you may wish to contact the landlord over the rent review. However professional advice should be taken before this step is taken.
If indeed the rent cannot be agreed by yourself and the landlord, then at that stage the Lease may allow for a request to the RICS to appoint a 3rd party surveyor to decide the rental value of the commercial property at review. You may wish to instruct your own Chartered Surveyor to provide evidence that the 3rd party Surveyor should review as part of his appointment.
Rent Review | Rent Negotiation | Commerical Rent Review – London, UK.
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