A Rent Review event in a lease requires specialist advice. Traditionally leases provided for an ‘upwards only rent review’ where the rent could increase or remain at the passing level. Since the introduction of Section 132 of The Land and Conveyancing Reform Act 2009 which came into effect on 28th February 2010, new leases are prohibited from including upwards only provisions with most providing for rent reviews to open market rent.
Rent reviews can also present an opportunity for landlords and tenants to review their contractual relationship and may provide an opportunity to re-negotiate lease terms. This is particularly relevant at the moment in the context of COVID and the impact the Pandemic has had on many businesses.
At TWM we have a highly experienced team with an in depth knowledge gained from their work in this field over many years. Our service includes:
- Lease and Rent Review clause analysis
- Implementing/responding to Trigger Notices
- Property inspection having regard to location, profile, adjoining occupiers and suitability for purpose in the market at the review date
- Property measurement in accordance with SCSI/RICS Measurement Practice Guidance
- Apply market intelligence and analyse market evidence
- Provide an opinion of rental value with comparable evidence and a recommended strategy
- Explore opportunities to re-gear leases and add value for both landlord and tenant
- Engage in negotiations
- When necessary represent the client through Written Submissions/Précis of Evidence/Oral Hearing to Independent Experts/Arbitrators
- Document through execution of Memorandum of Rent Review
M: + 353 86 807 3861
M: + 353 86 823 8199
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