It is sometimes mistakenly thought that rent review has little relevance in a world of five-year lease terms, but of course longer terms remain prevalent in the leisure and industrial sectors, to name but two, and there are still plenty of longer leases around. Commercial rents are once more on the rise, and there can be few topics of more vital importance for both landlords and tenants than the amount of the rent.
This web course is aimed at all lawyers needing to strengthen their knowledge and skills in this key area, from both a contentious and non-contentious background.
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The course gives an overview of what’s typically included in open-market rent review provisions, while focussing on recurrent issues such as whether the hypothetical lease should include a break option, the assumed length of term, and whether a ‘headline rent’ is effectively excluded. The procedural aspects are just as important as the valuation aspects, however, and the course surveys the range of procedures and considers practical issues like maintaining privilege in ‘awkward’ documents.
The course covers:
- Drafting to arrive at the open market rental value
- Rentalisation of tenants’ works
- Notice and counternotice procedures
- Whether to provide for expert determination or arbitration
- What evidence typically features in rent reviews?
- What if the third party gets it wrong?
- Tactics in conducting a rent review