Business Property
Discussion
surveyor said:
For those with Business Property out of interest...
Can you within two minutes find...
Date of next rent review?
Date of next break?
Date of Lease Expiry?
And do you have these dates diarised?
I'm wondering how many people put their leases in their file and rarely if ever look at them?
Yep Can you within two minutes find...
Date of next rent review?
Date of next break?
Date of Lease Expiry?
And do you have these dates diarised?
I'm wondering how many people put their leases in their file and rarely if ever look at them?
We have to disclose leases payments in our annual accounts so I have a spreadsheet showing all the leases (not just properties )
I'm currently in dispute with a tenant over their liability for repair costs.
I received a 2 page letter from their solicitor detailing why they thought their client was not responsible. I had great delight pointing out to them that they were referring to a superseded lease from 2005, and not the current one from 2011.
God knows how much money the tenant has wasted by giving the solicitor the wrong lease.
I received a 2 page letter from their solicitor detailing why they thought their client was not responsible. I had great delight pointing out to them that they were referring to a superseded lease from 2005, and not the current one from 2011.
God knows how much money the tenant has wasted by giving the solicitor the wrong lease.
PurpleMoonlight said:
I'm currently in dispute with a tenant over their liability for repair costs.
I received a 2 page letter from their solicitor detailing why they thought their client was not responsible. I had great delight pointing out to them that they were referring to a superseded lease from 2005, and not the current one from 2011.
God knows how much money the tenant has wasted by giving the solicitor the wrong lease.
And the wrong professional...I received a 2 page letter from their solicitor detailing why they thought their client was not responsible. I had great delight pointing out to them that they were referring to a superseded lease from 2005, and not the current one from 2011.
God knows how much money the tenant has wasted by giving the solicitor the wrong lease.
We rent a small portion of our property to Telefonica, for a phone mast,
Telefonica's reps wrote to us last year to say that they are reviewing their costs nationwide and would we consider a rent reduction to ensure future business? As per the 2009 lease I secured an agreement for them to pay our legal fees and we came to the conclusion that they were to get stuffed.
Our legal team asked why we had not enforced the 2012 review? - we had forgotten. A cheque for nearly £2k has since been received to reflect 2 years underpayment of the new rent level.
Roll on 2015 and the next review
Telefonica's reps wrote to us last year to say that they are reviewing their costs nationwide and would we consider a rent reduction to ensure future business? As per the 2009 lease I secured an agreement for them to pay our legal fees and we came to the conclusion that they were to get stuffed.
Our legal team asked why we had not enforced the 2012 review? - we had forgotten. A cheque for nearly £2k has since been received to reflect 2 years underpayment of the new rent level.
Roll on 2015 and the next review
Ken Sington said:
And then there are those that do know, think themselves clever enough as a result to deal with things without taking professional advice and end up in the poo as a result!
Also true. The number of tenants I have spoken to who have said they agreed a special deal with the landlord, on further investigation it was special, for the landlord!Chrisgr31 said:
Ken Sington said:
And then there are those that do know, think themselves clever enough as a result to deal with things without taking professional advice and end up in the poo as a result!
Also true. The number of tenants I have spoken to who have said they agreed a special deal with the landlord, on further investigation it was special, for the landlord!Riiight!
Ken Sington said:
Oh yes! "Hi Mr Tenant, let's sit down and have a chat and a coffee. We'll sort something out and both save ourselves the costs of paying a surveyor for advice"
Riiight!
Or "Hi Mr Tenant, your rent review is due. I believe the rent should increase by £10,000pa however as you are such a good tenant, pay on time etc I'll accept an increase of £5,000pa"Riiight!
Or "Hi Mr Tenant, your rent review is due. I believe the rent should increase by £10,000pa please let me know if you agree or quote a different figure" Response "Hi Mr Landlord, Unfortunately times are hard at present, and therefore I believe that a £10,000pa increase is too much however I can offer an increase of £5,000pa." " Hi Mr Tenant, thank you for your letter and as you are an exceptional tenant I am prepared to accept your offer of £5,000pa".
In these examples no comparables have been quoted and its likely that no increase is justified by comps. Once Mr Landlord has agreed an increase with one tenat he can write to the tenants: -
"Dear Mr Tenant - It is time for your rent review. I have agreed an increase with Tenant A of £5,000pa and therefore believe this is the best eviidence possible for your unit. Please confirm your acceptance"
Then of course several years later the rateable value based on rents also goes up and the VO gets a lot of criticism for increasing Rateable Values!
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