Valuation office agency rent and lease details
Discussion
Anyone had one of these letters before? One dropped through the door today - I am happy to fill it out but wanted to check to see if I needed to take any professional advice beforehand.
The letter was addressed to the previous occupants - does that mean I can ignore it?!
I own both the company that owns the building and the one that leases it. Does it matter which company responds?
Is this a mechanism to put our rates up? As it happens the rent paid is bang on the current rateable value.
Thanks in advance...
The letter was addressed to the previous occupants - does that mean I can ignore it?!
I own both the company that owns the building and the one that leases it. Does it matter which company responds?
Is this a mechanism to put our rates up? As it happens the rent paid is bang on the current rateable value.
Thanks in advance...
I have received quite a few of these, one of the disadvantages of being a business rates specialist working for an employer who has around 400 buildings nationwide!
The form must be completed, if it isn't there is a risk of a £100 fine. Completing them is a pain in the ass as its more difficult to ignore the questions you might want to.
If its addressed to the previous occupier you could return it uncompleted saying they have left, but probably wont be long before its back.
Definitely complete the box sayings its a connected parties transaction. If you have carried out any works try not to put details on the form unless they were major and don't give any details of the cost of them.
The form must be completed, if it isn't there is a risk of a £100 fine. Completing them is a pain in the ass as its more difficult to ignore the questions you might want to.
If its addressed to the previous occupier you could return it uncompleted saying they have left, but probably wont be long before its back.
Definitely complete the box sayings its a connected parties transaction. If you have carried out any works try not to put details on the form unless they were major and don't give any details of the cost of them.
surveyor said:
Having filled in my fair portion of these bloody things I would return in as gone away.
As Chris ha said it may well pop back up though.... deal with then!
Shall we play VO Form Top Trumps? As Chris ha said it may well pop back up though.... deal with then!
And for the OP if you have tided and decorated and installed your own equipment dont mention it. Hopefully the eqipment didnt include a mezzanine.
Chrisgr31 said:
Shall we play VO Form Top Trumps?
And for the OP if you have tided and decorated and installed your own equipment dont mention it. Hopefully the eqipment didnt include a mezzanine.
I try not to remember those days 😀And for the OP if you have tided and decorated and installed your own equipment dont mention it. Hopefully the eqipment didnt include a mezzanine.
My favourites used to be job centres built in strange places where the tents were based on build cost as otherwise no one would build them.. VO would have the rent return and hated conceding that they were not open market rents 😇
I just came across this thread and I was hoping if anyone could give me any advice as I just received the same letter.. my current commercial rent is quite cheap because I took the shop in a really bad state.. I fixed it and made it liveable and in very high standards and added the two Victorian cellars under the pavement... overall costs around 30 grand although I did most myself... The changes i wanted to make are stated in my contract.. how far do I go with mentioning the changes and the costs..? What will change in my rent review or business rates if I mention all the refurbishments I did? Any advice would be helpful, Thanks
The form will not affect your rent but may affect your rates. It depends whether the areas you spent the money on are already included in the assessment and if so whether the use of them has changed.
In the the worst case scenario they are not in the assessment and are used as sales. If they were already included in your assessment based on the correct usage then the mpact will be limited. PM the address and post code and I'll have a quick look.
In the the worst case scenario they are not in the assessment and are used as sales. If they were already included in your assessment based on the correct usage then the mpact will be limited. PM the address and post code and I'll have a quick look.
Hopefully you have a license for the alterations or at least a letter of consent from the landlord.
If you have any rent reviews a well negotiated lease will disregard tenants authorised improvements (hence my question above). If they are not authorised a landlord may be able to consider them at rent review.
Equally at lease renewal (or better), assuming that the lease is not contracted out tenants improvements are disregarded.
If you have any rent reviews a well negotiated lease will disregard tenants authorised improvements (hence my question above). If they are not authorised a landlord may be able to consider them at rent review.
Equally at lease renewal (or better), assuming that the lease is not contracted out tenants improvements are disregarded.
Yep, I got a couple for some of the buildings we own/occupy last week - haven't completed it yet but looks to be a PITA - had headache before with similar.
Also been asked to provide turnover statistics to national agency who collate data to help calculate GDP etc, it's not too painful but just another thing to add to the list of things to get done.... like we don't have enough to do already!
Also been asked to provide turnover statistics to national agency who collate data to help calculate GDP etc, it's not too painful but just another thing to add to the list of things to get done.... like we don't have enough to do already!
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