A complex raft of legislation and case law define the Landlord and Tenant relationship making it an area where it is advantageous to engage experienced and knowledgeable practitioners to act on your behalf.
CVS can help clients manage their property costs and negotiate a fairer deal with their landlord wherever circumstances allow. We have a team of experienced Chartered Surveyors, who are experts in their regional markets and have detailed knowledge of the legislation that governs lease negotiations. Our unrivalled rental database helps us keep up to date with current market trends.
Re-gearing a lease can help occupiers reduce costs and provide better business flexibility. This can be done at any time throughout the term, although key event dates such as rent reviews, break dates and forthcoming lease expiries offer good opportunities for tenants to trigger negotiations with their landlords. Many landlords are willing to negotiate a reduced rent or rent free period in return for commitment to a longer lease term, which has a positive effect on the investment value of the property.
In the current economic climate regearing is a way to help both landlord and tenant achieve their goals and is seen as a ‘win- win’ situation. The flexibility of regearing means there are many ways to tailor the process to specific circumstances and both parties should be able to reach a mutually beneficial agreement quickly.
Agreeing the best deal at rent review comes down to correct interpretation of the lease terms, together with strong negotiation skills incorporating accurate market information from analysed rents of comparable properties. There are a number of issues with rent reviews that need to be taken into consideration such as timing of notices and whether time is of the essence and any pertinent case law.
Our expert team of Chartered Surveyors with detailed local market knowledge can help negotiate the best result for you at rent review. The landlord can retrospectively trigger rent review proceedings and, dependent on the terms of the lease, will likely be able to apply interest charges to backdated rental increases.
If the parties are not able to agree by negotiation, our Surveyors are well placed to act as Expert Witnesses and make written representations to an Arbitrator or Independent Expert.
Unless a lease has been specifically excluded, the Landlord & Tenant Act (1954) defines statutory requirements and timetables to be followed at lease renewal. Negotiating a new lease is a highly tactical area and there are a number of pitfalls that could result in the loss of the automatic right to renew the lease.
Our experienced Chartered Surveyors can evaluate the prevailing market conditions to ensure the best results for our clients at lease renewal, and liaise with solicitors to ensure the process runs smoothly to completion.
If the new lease terms cannot be agreed by negotiation, our team have experience of taking the matter through the Court or PACT process to conclusion.
A landlord can serve a Schedule of Dilapidations at any time during the lease term itemising repair works required to the building to ensure compliance with the repairing covenant in the lease.
We can offer advice to our clients on all aspects of building repair, from preparation of a Schedule of Condition at lease commencement to document the condition of the building, to defending a landlord’s dilapidations claim at lease expiry.
Telford based Brown & Sharp UK, part of Hexagon Metrology found themselves facing a 30% increase in their rental payments, representing a massive £24,000 over three years. As a result of negotiations by CVS, Brown & Sharp only had to pay a manageable 11% increase on their rent – an increase of just £3,000 per annum making a saving of £15,000 over three years.
“The Service provided by CVS was second to none and produced an excellent result for us. The team kept us informed of their progress and achieve exactly what they set out to. Other businesses should take heed – CVS can make significant differences to your overheads.”