Looking to rent out a commercial property? There may be additional legal steps when compared to renting a residential property. Often it will require filling in complex paperwork to begin the tenancy between your tenant’s business and you as a landlord. There may be more steps to consider in the commercial property such as financing the property, and litigation options.
This is why it’s important to speak to a dedicated commercial property solicitor to ensure that the paperwork is filled in correctly by both parties. Learn more about how Black Norman can help with our full service offering for business leases.
A commercial property is usually leased for longer than a residential property so the rent will likely go under review at different points throughout the tenancy. A rent review is when a new agreement is set up for the amount of rent payable to you as a landlord. This can commonly be affected by competitive prices based on the current rent market so it is important to include this in your lease.
Before leasing a commercial property look to include a rent review provision in a commercial lease. This is so the tenant who is running a business from your property is expecting changes moving forward meaning disputes are less likely to arise.
The rent review process can often cause disputes between you as a landlord and the business owner. This can be costly for your business and cause delays. This is important so you can both come to an agreement that feels fairly negotiated and your costs as a landlord are kept to a minimum.
Our dedicated team of rent review solicitors at Black Norman can help you set up rent reviews as part of provision when you rent out a property. We can also ensure rent reviews run smoothly and fairly when they take place.
Whether you need help setting up the initial lease documents for your property in order to set up a new lease, or you would like to set up a rent review provision in the lease, Black Norman can help.
When it is time to carry out the rent review, it’s important to speak to a solicitor so you can keep the costs to you as a commercial property landlord down. It’s also important to resolve any disputes that may arise during a rent review with your solicitor.
To get in touch with some of the best rent and review solicitors in Liverpool and the North-West, fill in the form below or call us on 03300 167 847.
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Yes and we would advise that you do. This ensures that your rent can stay up to date with the current market trends.
This can also ensure you are getting the best deal as a landlord. As business leases are typically longer, rent reviews are important and typically expected. Speak to one of our solicitors who can help you set up a rent review clause in your business lease.
The open market value for a property is the amount of money you as a landlord would usually expect to be paid for that property, based on current market trends. This can include current trends nationwide and more locally for property in that area.
An open market rent review then gives you as a landlord a good indication of how much to increase or decrease the rent by, based on evidence. This is just one type of rent review which can be undertaken for property. Reach out to Black Norman to learn more about other types of rent reviews.
It depends on the circumstances but usually if the rent review has taken place you may be entitled to backdated rent from this review date. You may also be able to charge interest should you deem it appropriate. In this scenario, it’s best to speak to a solicitor as disputes may arise.
