When you rent business spaces, your lease may have a provision to review the rent you pay at periodic intervals, this is known as the Rent Review Clause. Typically, the lease refers to a Chartered Surveyor who can help by looking at the market and what the rent level at the date of review is. This is where Wheeler & Lai Chartered Surveyors can assist.
Leases are contracts that can range from 3 to 5 years long, to 10 years or longer. In some leases that are typically longer than 5 years, there is a clause in the contract that allows the rent to be reviewed to market rent. This is the rent review clause that enables the landlord to review the rent, which when originally set, may have changed.
Whether you are a landlord with a Rent Review falling due or a tenant who has just been notified by the landlord that they want to take action to review the rent, we can assist.
We can apply our property knowledge to facilitate this process, and give you guidance on the market rent. Sometimes, it is uncertainty that drives matters, and rents can indeed not have increased. We can assess whether your property’s value has increased and therefore the rental income potential, we can provide you with an appraisal.
If you are a tenant faced with the prospect of a rent review and you are unsure if it is reasonable or not, we can provide you with a rental appraisal to give you the knowledge to act. This process will then give you assurances that the rental proposed is either fair or could be negotiated to an agreeable level for both parties.
Our job is to take the burden off you and you can do your day-job, and we can negotiate on your behalf to achieve a favourable result.
Rent reviews are based on market evidence and good negotiation skills to settle the matter as expediently as possible. We understand communication is key, and you can be sure to trust that you will be kept advised every step of the way.
