Top Tips for Property Owners
Things to consider on your Rent Review
- Do not grant a "Licence to Alter" for tenants works which are really repairs (e.g. a/c replacement).
- Understanding the market is fairly easy. Understanding the VALUATION implications of the lease takes experience.
Things to consider on your Business Rates
- Don’t accept empty rates. There are a number of perfectly legitimate ways to reduce these. There are also some illegitimate schemes so do get advice.
- Start your refurbishment work early and record the start date so that deletions can be backdated as far as possible.
- Check for asbestos – it helps get an early freeze on rates.
Things to consider on your Lease Renewal
- If the lease is “Inside the Act” and you want to oppose it, act early and keep the pressure on.
- The Valuation Date for the rent in a ’54 Act renewal is always in the future (after the Court Date), so in a rising market a delay is in your favour and vice versa.
- If a tenant outstays their “Outside the Act” lease you can charge double rent.
Things to consider on Dilapidations
- The tenant may have completely different drivers to you, understanding them is vital.
- Do not let the Dilapidation negotiation dictate your plan for the building. Settle it early, don’t muck about.
Video Guide
Consider the value implications in drafting a rent review clause