Services
Landlord and Tenant
Rent Reviews
Commercial |
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Residential |
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Negotiating the market rental value of a property at the review date is seldom straightforward and requires market knowledge, and a detailed understanding of both Landlord and Tenant law and the implications of the precise wording of rent review clauses.
RSL tailor their advice as how to secure the best possible result for a client at rent review, reflecting the facts of the case, and having particular regard to the rent review provisions set out in the lease.
Where disputes occur on interpretation of rent review provisions, market evidence or what is to be valued at rent review, rent review clauses typically provide for referral for determination by Arbitrator or Independent Expert (more commonly referred to as Third Party).
RSL has qualified specialists with expertise in dealing with the Courts, arbitrators and independent experts, acting as expert witnesses and in the preparation of submissions and advising clients on the best way to mitigate cost exposure at Third Party.
Lease Renewals
Commercial |
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Residential |
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Most business tenancies in England and Wales are protected by the Landlord & Tenant Act 1954. The purpose of this Act is to provide businesses with security of tenure.
So long as the business remains in occupation of the premises and follows all the correct legal procedures, it has a right to apply to a court for a new tenancy if it is protected under The Act.
A landlord is allowed to oppose such an application in some circumstances which are specified in the Landlord and Tenant Act 1954. If a tenant cannot reach agreement with a landlord, the court will decide whether they should be offered a new lease and on what terms.
The expiry of a lease offers Landlords and Tenants the opportunity to consider whether they wish to agree a new lease. Specific timetables and requirements apply for serving of notices and applications to court – it is essential that these timetables / requirements are followed. Failure could be fatal and the consequences irreversible. In some circumstances compensations applies where Landlords are not prepared to agree a new lease. We are able to advise on the level of compensation and any eligibility to pay or receive such sums.
Lease Re-gearing and Restructuring
Commercial |
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Residential |
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Local market conditions can be such that it is in the interests of landlords and tenants to agree to the re-gearing/re-structuring of a lease. It can suit landlords and tenants to restructure leases during the term, perhaps in advance of a break option or lease expiry to mutual benefit. There can be substantial improvement in investment value generated by lease restructuring and it can remove onerous clauses or create flexibility. It can also support business planning for occupiers and it can unlock opportunities to refurbish or address other building issues at the same time.
This potentially complex strategy requires both parties recognising that through co-operation, their joint requirements can produce a 'win-win situation'. Often when demand rises, opportunities to re-gear on favourable terms fall.
Benefits for a tenant can include:
- Realigning break clauses to match strategic business goals;
- Rent holiday or capital payment made by the landlord;
- Improvement in common parts & services through full or partial refurbishment;
- Reducing floor-space occupation to match business needs;
- Review of lease clauses to permit greater sub-let flexibility & improve maintenance obligations.
Benefits to Landlords increase in investment value by:
- Retaining a good tenant;
- Removing unwanted clauses in a lease;
- Increase in rent;
- Premium from tenant.
