The rent review procedure is one that can be confusing for many people and so ion this article we’ll establish the basics as regards rent reviews. While this article can give broad information on how they work, it is of the utmost importance to converse with a Chartered Surveyor, who in the UK must be a member of the Royal Institute of Chartered Surveyors, regarded as one of the most pioneering property organizations in the world.
Whether you are a Tenant or whether you are a Landlord, these individuals will be able to furnish you with the advice you really need, so that the best rent is achieved. Before any negotiations take place they will be able to provide advice that is of an unbiased nature. The Chartered Surveyor involved should have an expert grasp of Case Law in order to be effective.
There are a huge range of factors to take into consideration such as the details of the property specification, the location it is in as well as comparable properties nearby. But perhaps one of the most important aspects of rent reviews is the lease terms.
There are a great deal of skilled companies that have rent review teams who can analyse the specifications of each and every location and comparable locations nearby. Good rent reviews rely on those doing the reviewing to have an in depth knowledge of Case Law. By having a good knowledge of this, such individuals are in a good position to get the best rental they can, whether they are working for the tenant or the landlord.
An experienced company in this area with have handles hundreds of negotiations in all manner of sectors, and in various times of year. It is perhaps true to say that the more negotiations a company has undertaken the better their service is likely to be overall. Companies in the top bracket of this market will have less fear of going for Arbitration, which can, in reality, help to achieve great results whether they are the Landlord or the Tenant.
The dialogue of these negotiations can often result in both parties getting a better deal. For example, a break clause insertion or indeed the deletion of a break clause might benefit one of the parties, as might extending the term, or opening up a restrictive user clause to benefit from a higher rent. Rent reviews can be a valuable way of improving the situation for both the Landlord and the Tenant.