| It is important to get clear, impartial and expert | | | | normally an assessment of what the premises |
| advice on the Rent Review procedure, so you | | | | would let for in the open market on similar terms |
| should speak to a qualified Chartered Surveyor | | | | to the actual Lease. There can however be |
| who is a member of the Royal Institution of | | | | particular aspects which will affect the quantum of |
| Chartered Surveyors, one of the most respected | | | | rent for instance the identification of tenant's |
| property organisations worldwide. | | | | improvements. |
| Whether you are a Landlord or a Tenant they will | | | | 6. Subject to the parameters set out in the |
| be able to advise you and negotiate the best rent | | | | Lease, the rental will normally be based on rents |
| possible. Prior to any negotiations they will provide | | | | recently agreed for "similar" property adjusted to |
| unbiased advice on the likely outcome. Each rent | | | | take into account any physical differences or |
| review should be thorough researched and | | | | variations in Lease terms. |
| Chartered Surveyors have an expert knowledge | | | | 7. If the Landlords' and Tenants' agents are unable |
| of the latest case law. | | | | to reach agreement, the matter is usually |
| Commercial estate agents should use the latest | | | | referred following the appropriate application, to |
| computer packages to assist them in their | | | | an Arbitrator or Independent Expert. |
| research. | | | | 8. Once the rent is determined it is legally binding |
| Outlined below is a brief resume to the Rent | | | | on both the Landlord and Tenant. It can only be |
| Review procedure. | | | | appealed via the Courts of Law and there are |
| | | | very few grounds of appeal. |
| 1. The machinery governing the conduct of the | | | | 9. At the conclusion of the negotiations, the Lease |
| Rent Review will be set out in the Lease of the | | | | will normally require the Parties to sign a rent |
| premises. | | | | review memorandum recording the Agreement. |
| 2. The Lease will state the date on which the | | | | 10. The assessment of the revised rent is a highly |
| review of rent is to have effect and if and when | | | | specialised procedure. There is much at stake for |
| the Landlord must serve a formal Notice on the | | | | both the Landlord and the Tenant and the parties |
| Tenant calling for the review. | | | | should be professionally represented throughout |
| 3. The Lease may contain a specific requirement | | | | by an experienced and qualified Chartered |
| for the Tenant to serve a counter notice in | | | | Surveyor specialising in Rent Review negotiations. |
| response objecting to the Landlord's proposal. | | | | There are many "pitfalls" and "traps" to be |
| 4. There may be time constraints that need to be | | | | avoided so you need to speak to a Chartered |
| adhered to in points 2 and 3 above. | | | | Surveyor at least 6 months in advance of the |
| 5. The basis upon which the rent is to be | | | | Rent Review date. |
| calculated will be set out in the Lease. It is | | | | |