Strafford Associates Chartered Surveyors
48 Grange Park Drive
Email: [email protected]
We Act for both Landlords and Tenants on most types of property. We can advise on the market rent for property based on the terms of your lease, and from our extensive local market knowledge. We will negotiate rent reviews and lease renewals including representing clients in submissions to Arbitrators or Independent Experts for determination.
The Landlord and Tenant generally appoint valuers to value the premises taking into account all of the variables and market information. The respective valuers negotiate the market rent using their local market knowledge and testing each other’s assumptions.
The procedure for reviewing the rent is laid down in the lease but most leases provide for the landlord to serve notice prior to the review date with a suggested revised rent based upon the valuation.
The tenant appoints a valuer who advises on rental values and makes a counter proposal to commence negotiations.
Failing a negotiated agreement, the rent is decided by an independent valuer or arbitrator.
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In the majority of cases Business tenants have a right to renew leases under the Landlord and Tenant Act 1954.
Generally a Landlord will serve notice on the Tenant terminating the lease and stating whether or not it will oppose a new lease. Both parties appoint valuers who negotiate the terms of the new lease including the rent.
Failing agreement, the tenant may apply to the Court for a new lease. There are strict time limits for formal notices which may be served by solicitors or an appropriately experienced surveyor.
Should the review or the renewal be referred to a third party, the valuers make submissions as to rental value followed by counter submissions with arguments against the other party’s submission.
The arbitrator/independent valuer inspects the property, requests any further information required and determines the level of rent. In complex cases, there may be a formal hearing.
An arbitrator makes a judgement based upon the submissions. An independent valuer may, additionally, use his or her own professional knowledge.
It is important to appoint a valuer as early in the process as possible and before initial notices have been served. Knowledge of the local letting market is essential.
The valuer needs to carry out thorough preparation and research.