Most commercial leases have a provision for review of rent at regular intervals. It is a common practice to review commercial rent every five years. It is important for the landlord and the tenant alike to properly implement and understand the process by which the rent is fixed and to understand the formula for fixing the new rent. The landlord as well as tenant is likely to need a good valuation surveyor equipped with market knowledge of the area, experience of the type of property involved and of giving expert valuation evidence.
Legal advice is usually needed about a range of rent review issues including the form and service of the notices; the selection and appointment of a third party valuer; whether time is of the essence; interpretation of the lease; evidence and Calderbank offers.
Our team has experience about advising on the above and other related issues and offers to represent throughout for tenants, landlords and third party valuers.