Lease and Rents Lease & Rents
Due to change in Status and Case Law it is imperative that you choose a Surveyor who is an expert in this area.
Every lease granted will eventually come to an end and for those leases for a term longer than 5 years they will, invariably, provide for an upward review of the rent during the course of term.
The rent review clause is one of the single most important clauses within your lease as it determines the level of rent that you pay. It is therefore key that you appoint a RICS qualified surveyor at least 12 months prior to the review date. If you are unsure of the dates and notices within your lease then we will be pleased to carry out an appraisal free of charge.Any notices served upon you by your landlord should be passed to our Surveyor as a matter of urgency to ensure that it complies with the requirements set out in the lease and what counter notices, if any, need to be served and in what form. Failure to do so can result in you paying whatever level of rent your Landlord proposes, therefore affecting your pocket.
Rates & Rental Surveyors job is to ensure any increases are kept to a minimum, provable by reference to open market values and the terms and conditions of the lease. This requires not only knowledge of the market, but deep understanding of Statute and Case Law.
If agreement cannot be reached by negotiation, the lease will provide for the appointment of an Independent Expert or Arbitrator who will consider the respective cases of the of the Landlord's and tenant's Surveyors before setting the new rent. Our Surveyors have extensive experience in representing clients during this process and have an excellent success rate.
At lease renewal the Landlords and tenants rights and obligations are set out in the Landlord and Tenant Act 1954 (as amended). Unless the Security of Tenure provisions of the Act have been excluded at the commencement of the lease , a new lease can be negotiated on similar terms but at the then open market value which means the rent can go down.At lease renewal we can renegotiate the terms of your lease by removing any onerous terms, any strict user clauses and make positive alterations to many other clauses. We can also negotiate any rent free period as the commencement of your lease therefore minimising any initial costs.
There are a number of grounds on which the Landlord can prevent a new lease being granted, but these are rare and can be challenged.The new rent, if it cannot be agreed between the parties, will be set by the County Court based on the evidence provided by us.