Stone Survey
Rent Reviews
Stone Survey act on behalf of both Landlords and Tenants in respect of commercial rent reviews, the provisions of which are invariably incorporated within a standard lease of all types of commercial property.
It is important that both Landlords and Tenants are fully aware of the Rent Review Dates contained in the Lease documentation. In such a way, the process can be commenced, at an early date and, preferably, some months prior to the actual Rent Review Date with the intention that a settlement can be reached as soon as possible and as close as possible to the Rent Review Date itself. In such a way, both Landlords and Tenants will be aware of any rental increase which may result and can plan their cash flow efficiently and effectively.
What can we do for you?
Whether we are acting on behalf of a Landlord or Tenant, our services include the following:
Assessment of Rental Value
In order to assess the rental value of the property for rent review purposes, we will require a copy of the Lease and any other relevant documentation including, for example, Licences for alterations together with details of any improvements which may have been carried out to the property by either the Landlord or the Tenant during the currency of the Lease. We will also require information concerning any previous Leases which may have been entered into between the Landlord and Tenant in respect of the property in question.
We will inspect the property and take accurate measurements and will apply those measurements for the purpose of the Assessment of Rental Value whether the premises are of an office, retail or industrial nature or, for that matter, any other commercial use.
Once we have carried out a physical inspection of the property and the locality in which the property is situated and considered the terms of the Lease and any other relevant contractual documentation, we will carry out all other necessary enquiries and use our own skill, knowledge and expertise in order to formulate the rental value of the property applicable at the rent review date.
We will then report to our Client (whether Landlord or Tenant) by way of a formal Rent Review Report, which will set out the market rental value of the premises, as required by the Lease, and will provide recommendations and advice to progress the matter further.
Negotiations
Once we have reported our findings to our client, whether Landlord or Tenant, we will be pleased to enter into negotiations with the Tenant or Landlord or any professional representative they may appoint on their behalf to negotiate the rent.
It is always our intention, in the interest of our client, to reach an amicable settlement with the other side, as that will almost invariably maintain a good Landlord and Tenant relationship and will also minimise costs for both parties. In the vast majority of cases, rent reviews are settled on an amicable basis between the parties or their professional representatives without the need to refer the matter to a third party.
Third Party Determination
In a small number of cases, for whatever reason, the parties may not be able to reach an amicable agreement so far as the Rent Review is concerned. In such circumstances, Stone Survey, represent both Landlords and Tenants in making written representations to arbitrators and independent experts.
Please talk to us for more details about how we can help you, by calling 020 7100 7087 / 020 8099 9954 or email info@stonesurvey.com.