COMMERCIAL RENT REVIEWS
Unless they are for a short term most commercial leases contain provision for a rent review at regular intervals. Commerical rent reviews every five years are common. For both the landlord and the tenant it is important to understand and properly implement the machinery or process by which the rent is fixed and to understand the formula for fixing the new rent. Both the landlord and tenant are likely to need a good valuation surveyor who has market knowledge of the area, experience of the type of property in question and of providing expert valuation evidence.
Legal advice is usually required on a range of rent review issues including the form and service of the notices; whether time is of the essence; the selection and appointment of a third party valuer; interpretation of the lease; evidence and Calderbank offers.
The firm offers experience in advising on the above and other issues and representation throughout for landlords, tenants and third party valuers.