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The ideal commercial situation for a landlord is to have a reliable, long-term tenant leasing their property.
However, this can lead to problems if a clause is not included in the tenancy agreement allowing the landlord to review the rent periodically. Changes in the property market and inflation can all trigger the need for a landlord to increase the rent and a well-drafted lease agreement will allow for this.
At Judge & Priestley, our property solicitors can advise you on the drafting of rent review clauses, and negotiate on your behalf. With our professional, friendly approach, we are confident that by engaging us, you will be assured that the rental returns on your property portfolio are performing at the optimal level.
The Frequency of Rent Reviews
Most long-term commercial leases contain a clause enabling rent to be reviewed every three to five years.
Although you are entitled to set the amount by which the rent can be increased (for example, by a certain percentage), rent reviews are usually based on the market rate for comparable properties listed at the time of the review.
Rent Review Disputes
If you and your tenant find yourself in a dispute over a rent review, your solicitor at Judge & Priestley can assist you in the negotiation process in order to reach a win-win resolution. When drawing up your lease agreement, we will also ensure that a solid dispute resolution clause is inserted into the contract so disputes can be resolved in an efficient, cost-effective manner.
If you require legal advice surrounding rent or a rent review, please call our office on 020 8290 0333 or email us at firstname.lastname@example.org.