GECP provide advice to both landlords and tenants on the rent review process.
- Explaining the impact the lease terms will have on the assessment of the rent.
- Whether or not there is likely to be any movement in the rent.
- What the implications will be if no agreement can be reached and the matter has to be settled by arbitration or an expert.
Following an initial assessment we have extensive experiencing in negotiating the rent review to a successful conclusion either by agreement, always the preferred route, or by preparing submissions for determination by a Third Party.
Throughout the process we always adopt a pragmatic approach to the likely outcome with a view to balancing the risks and costs with the achievable results.
The rent review process is fraught with potential pitfalls and we strongly advise seeking advice from professionals with the relevant knowledge, experience and expertise. We have that specialist expertise particularly in the motor trade and petrol filling station sectors.
Renewing a lease on expiry is not necessarily an easy process. There are procedures to follow and often timescales within which action must be taken.
GECP has experience in this process and, along with your solicitors, can provide advice and guidance through the procedure including:
- Initial advice on what is required and when.
- Advice on obligations including potential dilapidations on lease expiry.
- Advice on the correct rental to expect.
- Negotiating new lease terms and advice on tactics.
- Agreeing new lease terms and issuing Heads of Terms to solicitors.
- Monitoring the lease process through to completion including advice on the effect of certain terms on future rent review negotiations or the value and marketability of the investment.
Often it may suit a tenant or landlord to secure their position in advance of a lease expiry.
This may involve an early surrender and negotiations for a new lease or more appropriate terms.
GECP have considerable experience in this process and can advise on the things to try and achieve and those to avoid.
LEASE ADVISORY SERVICE
At GECP we are often asked for advice on the interpretation of lease terms or their implications on a day to day basis. This can extend to advising on the impact lease terms may have on value or the marketability of premises.
Factors such as the permitted uses, ability to carry out alterations, terms imposed on sub letting and obligations to reinstate at lease expiry can affect the value and marketability of premises and at GECP we have the knowledge and experience to advise on these matters.
Please get in touch to discuss your requirements.
Or view our case studies.