These follow a similar format to a rent review except that action needs to be taken by the landlord at an earlier stage than for rent reviews as certain statutory notices and timings have to be adhered to. Solicitors need also to be instructed to serve the appropriate notices and we are able to provide the advice required regarding proposed lease terms which are incorporated within these notices.
Tenants: if your landlord has not served a notice formally ending your tenancy, should you be serving a notice requesting a new tenancy?
Valuation: the first stage is to provide a rental value of the property. The valuation process involves the following: inspecting the property, measuring and taking site notes; reading the lease; researching and collating the relevant evidence; compiling a report setting out the relevant advice.
Negotiation: the second stage is where endeavours are made to reach a satisfactory agreement with the other party. It is not a ‘five minute’ job, and often takes several months to reach a conclusion, but we aim to keep clients advised of progress along the way. We have the experience of dealing with a wide variety of properties, including retail shops, offices, industrial premises, betting shops, banks, children’s nurseries, doctor’s surgeries etc.
Adjudication: If the matter cannot be agreed between the parties, the process is traditionally referred to Court, although many do not realise that there is an option of making a reference to PACT (Professional Arbitration under Court Terms).
Court: We are able to provide the expert report, including an interim rent valuation if relevant, in the required format i.e. compliant with Civil Procedure Rules (CPR), expected by the Court.
PACT: This service is not widely used or understood although we have used the service on a number of occasions. It allows a lease renewal dispute to be referred to third party (Arbitrator/Independent Expert), rather than the court, which can significantly reduce both costs and time taken to reach a decision. The process follows the format of rent review 3rd party representations and we are able to provide these as detailed under rent review.
Contact us today on: 020 8559 2622.