Commercial leases can often be complex. They are extensive documents that commit the parties involved to a substantial, long-term investment. Some of the most complicated and contentious provisions found in a commercial lease are those relating to rent review.
These clauses have resulted in countless court proceedings and considerable expense as landlords and tenants find themselves in dispute regarding rent increases over the lifetime of a lease. In order to prevent unnecessary delay and expense, you need the best possible legal advice at the earliest stage of lease negotiations to make sure all parties are fully aware of their obligations.
Rent review clauses enable the amount of rent due to be varied at set intervals over the course of a lease. These provisions can take various forms and may see rent increase in line with property and rental values in that area, or by set amounts at specified times as the lease continues. The nature of these terms will often be determined by the bargaining positions of the respective parties, but also by the negotiating skills of those acting on behalf of the owner and renter. The Commercial Conveyancing Solicitors at Wilford Smith are highly skilled in preparing contracts, negotiating leases for both landlords and tenants and reaching binding agreements on our clients' behalf.
Contact our Commercial Conveyancing Solicitors Sheffield
Our Commercial Conveyancing Team are based in Sheffield and advise and represent clients throughout England and Wales. Contact us today on 01709 828 044 to find out how we can help.