Impey & Company will advise the landlord or the tenant in connection with their liabilities under the terms of a lease. The terms of leases vary and it is appropriate to undertake a detailed inspection of the property and read through the lease agreement in order to fully advise on rental and terms.
In relation to a rent review, the procedure is usually laid down within the lease and this allows for the two parties’ representatives to submit a valuation argument and where possible, through the introduction of comparable evidence, to structure an agreement. Where agreement is not reached, then the lease will identify that the parties have a right to refer the dispute to a third party, usually an independent expert or arbitrator.
Impey & Company would act on behalf of the landlord or tenant and would prepare the necessary submissions in order to put forward a fully supported case for the rent review.
The lease renewal process is different. At the time when a tenant renews his lease all terms are open for renegotiation. The general principle is that the tenant should be granted a new lease in a similar style to the previous agreement. However with the passage of time, there is scope for modernisation and advice is required to ensure that any new lease agreement, whilst following the original lease is in a more modern format.
The renewal process dictates that whilst there is a period of negotiation between landlord and tenant, the parties then have a right to refer the matter to mediation and/or court and at all stages Impey & Company would represent the parties.
Detailed local knowledge of the market, rental values and knowledge of lease terms is critical in providing clear advice in connection with a rent review or lease renewal.