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Category: Rent Monies
The basis of paying rent in a lease of commercial business premises is often a fixed amount per year with whatever rent review arrangements in the future to suitably adjust to the market level at that point or through a prescribed RPI basis in the index-linked calculation.
Whilst you may have slight differences in how this is apportioned over every quarter or charging period, it is essentially a fixed amount that everyone can budget for.
However, 'turnover rents' are different and variable year-on-year. Designed to connect the amount of rent a tenant pays to their successful trade at a property, they can be a helpful incentive for both a tenant and landlord.
But on the other side of the coin, they can get complicated.
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Category: Rent Monies
Rent review clauses are common in commercial property leases to re-adjust the rent every so often.
On a traditional format, this is every three or five years and on an 'open market' basis, which basically means what the local fair rent should be.
Plus, they're usually 'upwards only' rent reviews that mean the rent can only go up and not below the initial rent – great news for landlords.
However, you can come across rent review clauses that give a more certain mathematical calculation of what any rent should be rather than leaving it to people like rent review surveyors to decide what any market rent should be.
These can be still every few years, although more common on an annual basis.
Although simple in principle and practice when...
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Category: Rent Monies
Leases of commercial properties often have a rent review clause to adjust the rent over time that can be easily missed in the focus of the main lease terms and rent right at the beginning.
And even if it is plainly agreed, years can soon go by before you're at the point of the rent being changed again.
This is where a rent review surveyor can help – someone to help get into the nitty-gritty of what this rent should be, what rights there are you to challenge it, and the procedure for going about this.
Therefore, here are seven key points to help you not only understand the principle but then easily resolve it for your situation:
CLICK HERE to immediately download a Fact Sheet document summarising 7 key aspects of commercial property...
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Rent Monies
Here are various blog resources related to the rent that is paid at properties, with sub-category information on Rents here. Whether you're a landlord receiving, tenant paying, or middle-man managing. Right through from how to correctly charge and collect to how it needs to change over time, this is often the most important factor to managing let properties, and includes simular variations such as licence fees.
Non-Rent Monies
Here are various blog resources related to non-rent monies and payments, with sub-categories of service charges, fees, and other monies and costs/charges. These can be directly charged or hidden away, and are important to know what you may have to pay or might be able to charge another property interest for.
Insurance
Here are various blog resources related to the insurance of properties, ranging from the main building cover to ancillary ones like contents, with sub-category insurance ones here. Whether it's the premium to pay or the policy to correctly arrange, these help explain what's needed from the perspective of different property interests.
Sales & Lettings
Here are various blog resources related to the sales & lettings of a property, and all related transactions, with sub-category resources of Sales & Lettings. Whether you're involved in these directly yourself, or you're working with other sales/letting agents and interests, these help highlight important property managemnet factors to consider.
Leases & Titles
Here are various blog resources related to all forms of leases, titles, and legal documentation involved with property interests, with sub-categories for Leases and Titles resources. Whether a straight forward lease agreement or complicated legal documentation, here is help to understand what you're trying to achieve and then practically how to easily do this.
Taxes
Here are various blog resources related to all the taxes involved with property interests, from VAT and SDLT, to income and capital gains, to rates and council tax - chcek out the Tax sub-category. These will help you work alongside other accounting and tax advisors to make sure you cover all bases to reduce your overall tax liabilities.
Services & Compliance
Here are various blog resources related to the services and compliance at a property, with sub-categories of Fire Safety, Security, Cleaning & Hygiene, Health & Safety, Utilities & Energy, Maintenance, Other Services, Facilities, and Planning. These range from say your fire and health and safety compliance, through to services like cleaning and utilitities. These resources help provide an overview of each area without getting too technical, so you can plan it all in at the right time and best cost.
General
Here are various blog resources related to any other general subjects involved with properties and their interests, including sub-categories of Procedures, Principles, and Special Occasions. So whether it's the basics of property management, or more specific property issues and queries that don't naturally fall in the other categories, you'll find them all here.
Condition & Repairs
Here are various blog resources related to the condition of a property and any repairs and alterations required, with sub categories of Condition and Repairs. Whether it's a reactive roof repair, pro-active maintenance plan, or carefully-chosen contractor - these help explain how to effectively keep properties in the right condition.
