How to Reduce Stress when Renting a Property
The expiry of a lease offers Landlords and Tenants the opportunity to consider whether they wish to agree a new lease.
Specific timetables and requirements apply for serving of notices and applications to court it is essential that these timetables / requirements are followed.
Failure could be fatal and the consequences irreversible. In some circumstances compensations applies where Landlords are not prepared to agree a new lease.
We are able to advise on the level of compensation and any eligibility to pay or receive such sums.
Items of disrepair can give rise to a claim for damages. Under the provisions of a typical lease, the parties agree how the tenant should yield up the premises including the state of repair, redecoration, maintenance and the removal of tenant’s alterations. At lease expiry a substantial liability can arise which can be resolved by remediation / reinstatement or by a capital payment to the Landlord, depending on the circumstances.
It can suit landlords and tenants to restructure leases during the term, perhaps in advance of a break option or lease expiry to mutual benefit.
There can be substantial improvement in investment value generated by lease restructuring and it can remove onerous clauses or create flexibility. It can also support business planning for occupiers and it can unlock opportunities to refurbish or address other building issues at the same time.
'specialist rent review, lease renewal or dispute resolution advice for both landlords and tenants in property related matters'
The value of commercial property is often closely linked to the rent it will command in the open market. Through the provision of expert knowledge and negotiation advice we are able to secure the best possible outcome by minimising (if you are a tenant) or maximising (if you are a landlord) the rent secured upon review of a lease.
As a separate, but wholly related discipline, we are equally skilled in the resolution of rent review disputes. This can require referral to arbitration or expert determination, involving written representations and / or an oral hearing where we are the representative of one of the parties.
A typical rent review will involve the following services:
- Inspection of the premises
- Issue of notices / counter notices
- Researching market evidence
- Considering the lease documentation and correct basis of valuation
- Reporting with valuation advice
- Negotiation with the opposing party or their advisor
- Attendance at meetings
- Negotiation of a satisfactory settlement
- Provision of a full valuation report suitable for Board presentation in support of our recommendations
- Ensuring exchange of an appropriate review memorandum, and liaising with the client's lawyers
- Advice in respect of potential 3rd party referrals where a negotiated outcome appears unlikely
Virtually every private or public sector enterprise needs to occupy property. Increasingly, however, attitudes to real estate are shifting.
What was once perceived as an unavoidable and inflexible factor of production is now being recognised as a valuable and malleable resource. Property can and must be viewed as an asset to be managed dynamically in the pursuit of improved productivity, reduced overhead and greater profitability.
Douglas Huston’s Occupier Solutions is the medium through which this can be achieved. We have a proven track record of managing real estate portfolios in line with changing business needs, market conditions and financial options.
Strategic Consultation with our team we will assist clients in helping to understand their property needs and their estate be it one retail unit or a small office through to large companies with multiple outlets and large back office services and delivery structures.
We are able to undertake and establish property objectives, undertake performance analysis, advise on property needs and performance and deliver all aspects of property consultation and transaction advice.
This can range from the acquisition of the companies first outlet to the disposal of underperforming assets in a large national portfolio.
We have professionals with specialist expertise in compulsory purchase and compensation with the experience of dealing with significant road schemes including the Strabane Derry Link road and involvement in road widening schemes around Carrickfergus along with many other matters around Northern Ireland specifically over the last 40 years.
We acknowledge the distress that can arise from compulsory purchase schemes and recognise the importance of sound professional advice. We offer a personal and professional service which aims to minimise the impact on property owners and ensure that they receive the correct amount of compensation.