Rent Reviews & Lease Renewals
Grant Mills Wood has considerable experience in dealing with negotiations in both the above fields on behalf of landlords and tenants.
Rent Reviews
Grant Mills Wood have extensive experience in advising and negotiating rent reviews in connection with a wide range of commercial property types including, offices, retail units, warehouses, factories, land, hotels, restaurants, casinos and other specialised properties. We act for both landlords and tenants and throughout the UK.
The satisfactory resolution of a rent review dispute involves:
- A thorough understanding of leases and the interpretation of rent review provisions
- The detailed analysis of market evidence
- Market knowledge
- Negotiating skills, including the ability to think of alternative methods of resolving a dispute
- Knowledge of the legal framework of resolving legal disputes
- The ability to present arguments clearly and concisely to third parties acting as Independent Experts or Arbitrators
- An understanding of the ways in which the costs of a dispute can be recovered on behalf of a client
The Directors and staff at Grant Mills Wood have over 100 years of experience between them in dealing with the resolution of rent review disputes and have advised and acted in many of the well know legal cases that now form the bedrock of the legal interpretation of rent review clauses.
Lease Renewals
Grant Mills Wood have a thorough understanding of the 1954 Landlord and Tenant Act that forms the basis of the majority of lease renewals in England and Wales. A large percentage of the skills listed above in connection with rent reviews are required in dealing with lease renewals, however the legal framework is different. The assumptions that form the basis of a revised rent are fixed and in general any dispute as to the terms of a new lease is resolved by the courts, although by agreement the matter may nowadays be referred to PACT (Professional Arbitration on Court Terms).
The team has vast experience in negotiating lease renewals and where required they can rely on their expertise and professional standing to give evidence in Court as Expert Witnesses.
In addition, we often advise clients in connection with the surrender and renewal of leases in order to either enhance investment value on behalf of landlords or utilise market conditions in order to lower tenant’s property overheads.