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We provide market rental valuations to assist in negotiations between landlord and tenant regarding rent reviews in commercial leases.
Our RICS regulated Chartered Surveyors determine the value of a site or building in the current market place in accordance with the RICS red book standards at the point of lease break or expiry to aid negotiation between landlord and tenant.
We assess all kinds of commercial property including retail, offices, mixed use and industrial to provide our considered opinion of its value.
Rent reviews allow the rent on a commercial property to be adjusted in line with the current market value over the course of the tenancy. Rent reviews typically occur every three to five years in a commercial lease but the rent review clause in the lease terms will set out when each review will take place.
The basis on which the rent will be determined will be specified in the lease agreement and is usually the open market rental value’ of the premises at the date of the rent review but some leases will link the new rent to the increase in the retail price index instead
We will provide a detailed, evidence based report that provides our opinion of the value of the property in question.
We aim to turn reports around within seven days of inspection and you will be able to talk directly to the surveyor working on your behalf should you have any questions when you receive your report.
Let us know how we can help you and we'll put you in touch with a commercial property specialist.
The exact cost will depend on a number of factors including the size, location and age of the property.
We cannot give you an exact quote until you have confirmed the property inspection address as every property is different. The professional fees payable will always reflect the particular requirements of your property and the time which it is anticipated will be devoted to the matter.
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Different Registered Valuers may provide different opinions of value because a valuation is an evidence based opinion with an element of subjectivity. When disagreements in value occur, courts are asked to decide if a value is correct but provided the valuation has been conducted in accordance with the RICS red Book (where best practice guidelines are set out by the regulatory body for Chartered Surveyors) an opinion of value cannot be ‘wrong’, as long as it is within reasonable tolerances of the court’s opinion of value. This tolerance is usually up to 10% over or under the original valuation. Consumers should hire a Chartered Surveyor with professional indemnity insurance to provide the confidence that the opinion of value can be relied upon subject to any qualifications in the valuation document.