If you own or rent a commercial property, you also need to rely on the services of a legal specialist who can offer you the advice that you need to manage or let a property. A commercial property solicitor is a good person to have on your side whether you need his or her services for an acquisition or for advice as a tenant. Advice is given in the following areas:
- Freehold buys and sales
- Lease assignments
- The granting of new leases
- Property finance
- The sale of restaurants, public houses, and shops
Do You Occupy a Rental Property?
Occupation services are included as well in the form of the following:
- Alternation licences
- Subletting
- Renewals and extensions for leases
- Surrender of leasehold interests
- Rent reviews
Rent Review Provisions
With respect to rent reviews, you need to contact a commercial solicitor in London as most provisions of a rent review are complex. As a result, you need to seek legal expertise in most instances. For example, a number of factors must be considered, including the following:
- The schedule for notices or performing a review when time is critical
- The floor area
- The building specifications
- Improvements that are excluded
- The lease terms and notional terms of tenancy
- Comparables in the marketplace
- Timing and tactics
- Dispute resolution and procedures
Rent Review Clauses
For rent review purposes, it is necessary to know the method for determining a space’s floor area in accordance to established guidelines. Legal specialists who conduct rent reviews must also understand the provisions of rent review clauses and the connection of the clauses with a commercial lease.
When handling this type of process, it is important to determine whether a lease provides a strict itinerary for performing a rent review or whether it permits flexibility to reach an agreement without the need to follow a stringent timeline.
A number of older lease agreements stipulate a timeline for the service of rent review notices. Therefore, if you find that this is true for you, a legal advisor needs to check your lease. One of the more time-consuming aspects of a rent review is market analysis. However, this part of the process is required for success.
Therefore, you and your solicitor need to review the comparables. When your solicitor can provide a comprehensive report along these lines, it will lead to a more favourable resolution. After reviewing the evidence, the other party is less likely to search for more data themselves.
Most of the leases in the UK that are reviewed are surveyed in an upwards-only direction, typically after five years. By relying on a solicitor, you may be able take advantage of a break option. This involves reviewing a break clause as well as any addendums or conditions that are attached. All this information needs to be scrutinised carefully.
