{"id":2195,"date":"2022-02-02T04:07:19","date_gmt":"2022-02-02T04:07:19","guid":{"rendered":"https:\/\/uk.legalvision.com.au\/?p=2195"},"modified":"2024-11-13T00:15:53","modified_gmt":"2024-11-13T00:15:53","slug":"commercial-rent-reviews","status":"publish","type":"post","link":"https:\/\/legalvision.co.uk\/commercial-lease-property\/commercial-rent-reviews\/","title":{"rendered":"Commercial Rent Reviews in England and Wales"},"content":{"rendered":"\n<p><span style=\"font-weight: 400\">If you own commercial property in England and Wales, you will want to ensure that you get an appropriate rental income from your tenants. Likewise, if you are a tenant of business premises, you want to make sure that you know how and when your rent can be increased. This article will explain how commercial rent reviews work in England and Wales.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-a-rent-review\"><span style=\"font-weight: 400\">What is a Rent Review?<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">Generally speaking, the owner of any property you rent, whether residential or commercial premises, will aim to increase the rent you pay over time. This could be because their costs increase or simply to reflect the increase in market value over time. Rent reviews will generally take place at fixed times during the length of the lease. This may be every five years for longer leases.<\/span> However, it<span style=\"font-weight: 400\"> could be as little as every three years for shorter leases.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">If you are a tenant seeking to <a href=\"https:\/\/legalvision.co.uk\/commercial-lease-property\/commercial-lease-agreements\/\">lease commercial premises<\/a>, you should check that you are happy with the rent review process proposed by the landlord. Likewise, if you are the owner of commercial property that you seek to lease, you need to be satisfied that you can adjust the rent to reflect the appropriate market value. Rent review provisions are vital for <a href=\"https:\/\/legalvision.co.uk\/commercial-lease-property\/terms-to-negotiate-for-commerical-lease-tenant\/\">lease negotiations<\/a><\/span>. Therefore,<span style=\"font-weight: 400\"> both parties must be comfortable with the finalised rent review clause before the lease agreement is signed.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-should-the-rent-review-clause-contain\"><span style=\"font-weight: 400\">What Should the Rent Review Clause Contain?<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">The rent review clause in a commercial lease agreement should set out the following:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400\">when the rent review can take place during the lease term;<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400\">the method of calculating the rent review;<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400\">the process to follow;<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400\">specifics regarding the valuation, such as key assumptions and factors to disregard; and<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400\">the appropriate method to resolve a dispute if the landlord and tenant cannot agree on the new rent. This is usually a third-party dispute resolution procedure.<\/span><\/li>\n<\/ul>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+448081968584\" class=\"not-prose\">0808 196 8584<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left gform_input_bg_white    \">\n    <script>\nvar 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This is why there is usually a provision in the rent review clause, to provide a mechanism for <a href=\"https:\/\/legalvision.co.uk\/disputes-litigation\/alternative-dispute-resolution-in-england-wales\/\">dispute resolution<\/a>. The tenant will pay the previously agreed rent amount until the parties agree. Once the landlord and tenant agree to the appropriate rent, t<\/span>hey will backdate <span style=\"font-weight: 400\">the increase with interest.<\/span><\/p>\n\n\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/4\/2024\/08\/19060049\/LV_UK-Lease-Assignment-Template.jpg\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">UK Lease Assignment Template<\/div>\n            <div class=\"body-text\">\n                <p>If you are moving out of your leased space and assigning the lease to another party, you are required to notify your landlord and obtain their consent. Use this free proforma template for this purpose.<\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.uk\/uk-lease-assignment-template.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"open-market-market-rent-review\"><span style=\"font-weight: 400\">Open Market Rent Review<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">The most common method for conducting commercial rent reviews in England and Wales is to revalue the property&#8217;s open market value. As its name indicates, this essentially means that an independent surveyor will calculate the rent value of the property at the time of the rent review. However, if you are looking to rent commercial property, it is essential to note that commercial landlords often want to make sure that rents can only be reviewed &#8216;upwards&#8217;. This means that the landlord will not reduce your rent should a revaluation show that the market rent value has decreased. Your rent will stay the same as it was previously. If the market value has increased, the landlord will seek to increase the rent amount.<\/span><\/p>\n\n\n\n<div class=\"box box--icon box--info\">\n<p><span style=\"font-weight: 400\">If you are a tenant of business premises where the rent review method is by revaluation, you should do your own research on market values and have your own valuation done. This will place you in good standing when negotiating an appropriate rent increase amount with your landlord.<\/span><\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"review-based-on-business-turnover\"><span style=\"font-weight: 400\">Review Based on Business Turnover<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">If you have a retail business renting retail premises, your rent review may change based on your business turnover. You will usually pay a minimum level of rent, with reviews and increases taking place periodically as your business income increases.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"periodic-rent-increase\"><span style=\"font-weight: 400\">Periodic Rent Increase<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">If your lease provides for periodic rent increases, these will usually mean your rent will increase at particular intervals, calculated using the Retail Price Index (RPI). This is the standard measurement of inflation in the UK<\/span>. Therefore,<span style=\"font-weight: 400\"> it is a good reflection of the appropriate increase f<\/span>or<span style=\"font-weight: 400\"> commercial rents. As with rent reviews based on market values, a landlord who agrees to this method of rent review will usually want to ensure that upwards-only rent reviews are possible<\/span>. This is the case<span style=\"font-weight: 400\"> even if the RPI shows that inflation has decreased.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">Whatever method of rent review the landlord and tenant agree, there may be key assumptions and factors to disregar<\/span>d<span style=\"font-weight: 400\">. These may include assuming the tenant&#8217;s compliance with the lease terms, including repair and maintenance responsibilities. If the tenant has potentially increased the property&#8217;s value through alterations to the property, t<\/span>hey would want to disregard this. This is because<span style=\"font-weight: 400\"> any increase in rent due to improvements they have made would be unfair.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"key-takeaways\"><span style=\"font-weight: 400\">Key Takeaways<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">Whether you are the landlord or the tenant of commercial property, rent review provisions are one of the most important things to negotiate when agreeing to a commercial lease. As a landlord, you will want to be comfortable with when and how you can increase the rent of your property and obtain the best rent possible. As a tenant, you will want to ensure that your landlord cannot raise your rent inappropriately. Both landlord and tenant will also need the comfort of knowing how they can resolve potential disputes regarding rent review. Most rent <\/span>reviews occur<span style=\"font-weight: 400\"> by revaluing the property at the appropriate time. However, other methods of rent review may be more suitable for you.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">If you need help with commercial rent review negotiations, our experienced <\/span><a href=\"https:\/\/legalvision.co.uk\/leasing-lawyers-lp\/\"><span style=\"font-weight: 400\">commercial property lawyers<\/span><\/a><span style=\"font-weight: 400\"> can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+448081968584\" class=\"AVANSERnumber dynamic-number\">0808 196 8584<\/a> or visit our <\/span><a href=\"https:\/\/legalvision.co.uk\/membership\"><span style=\"font-weight: 400\">membership page<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"frequently-asked-questions\"><span style=\"font-weight: 400\">Frequently Asked Questions<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1643774537576\"><strong class=\"schema-faq-question\">What is a rent review based on revaluation?<\/strong> <p class=\"schema-faq-answer\">In a revaluation, the landlord requests a chartered surveyor to conduct a property valuation, as if they were planning to offer the property out for rent to a new tenant. The tenant can also obtain their own valuation, so they have a clear picture of negotiations concerning a rent increase.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1643774547095\"><strong class=\"schema-faq-question\">What if my landlord and I cannot agree on the new rent amount?<\/strong> <p class=\"schema-faq-answer\">Your lease should provide for a dispute resolution process to be followed, for example, involving an independent expert or mediation procedure. You will continue to pay the existing rent amount, but the rent increase will usually be backdated. Interest will also be payable once you and the other party agree. <\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"9eb4f72322\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/2195\" \/>            <input value=\"https:\/\/legalvision.co.uk\/commercial-lease-property\/commercial-rent-reviews\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"Commercial Rent Reviews in England and Wales\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you own commercial property in England and Wales, you will want to ensure that you get an appropriate rental income from your tenants. Likewise, if you are a tenant of business premises, you want to make sure that you know how and when your rent can be increased. This article will explain how commercial<a href=\"https:\/\/legalvision.co.uk\/commercial-lease-property\/commercial-rent-reviews\/\">Continue reading <span class=\"sr-only\">&#8220;Commercial Rent Reviews in England and Wales&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13323,"featured_media":592,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"1707,985,1766,1702,1381,1489","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[30],"tags":[20,21,62,309,516],"class_list":["post-2195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-lease-property","tag-small-business","tag-medium-business","tag-tenant","tag-commercial-property","tag-rent-review"],"acf":[],"yoast_head":"<!-- This site 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She previously studied law at the University of Nottingham and Virginia School of Law. As well as freelance writing, Rachel runs her own small online business and enjoys various creative endeavours - hence her interest in all things intellectual property and e-commerce.","sameAs":["laini.bennett@legalvision.com.au"],"url":"https:\/\/legalvision.co.uk\/author\/rachelking\/"},{"@type":"Question","@id":"https:\/\/legalvision.co.uk\/commercial-lease-property\/commercial-rent-reviews\/#faq-question-1643774537576","name":"What is a rent review based on revaluation?","acceptedAnswer":{"@type":"Answer","text":"In a revaluation, the landlord requests a chartered surveyor to conduct a property valuation, as if they were planning to offer the property out for rent to a new tenant. The tenant can also obtain their own valuation, so they have a clear picture of negotiations concerning a rent increase.","inLanguage":"en-GB"},"inLanguage":"en-GB"},{"@type":"Question","@id":"https:\/\/legalvision.co.uk\/commercial-lease-property\/commercial-rent-reviews\/#faq-question-1643774547095","name":"What if my landlord and I cannot agree on the new rent amount?","acceptedAnswer":{"@type":"Answer","text":"Your lease should provide for a dispute resolution process to be followed, for example, involving an independent expert or mediation procedure. You will continue to pay the existing rent amount, but the rent increase will usually be backdated. Interest will also be payable once you and the other party agree. 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