Estate Agency T&Cs: Lease Renewals & Rent Reviews
In response to requests from Simply-Docs customers we have expanded our range of documents for Commercial Property Agents to include Agency Terms and Conditions and Appointment Forms for lease renewals/terminations and rent reviews.
Lease Renewals and Terminations
The renewal or termination of a business lease under the Landlord and Tenant Act 1954 is a complex area. Both landlords and tenants are likely to need the services of an experienced agent.
Our new Terms and Conditions and related Appointment Forms can be used where an agent is appointed by a landlord or a tenant to advise and represent that party. The Terms and Conditions and Appointment Form when used together form a contract between the agent and the client.
The agent’s role will include providing advice to and conducting negotiations on behalf of the client. Depending on the circumstances, the agent may also need to support the client in court proceedings. The agent will charge an agency fee. The drafting of the template documents allows this fee to vary according to the complexity of the situation. For example, if the matter proceeds to litigation the scope of the agent’s role will expand and an additional fee will be payable.
Rent review is also a highly technical area and landlords and tenants will almost certainly need professional advice and representation when undertaking a rent review.
Our Rent Review Terms and Conditions and Appointment Forms work in a similar way to the Lease Renewal and Termination documents. The agent’s role includes advising the client on the market rental value of the premises, on the interpretation of the rent review provisions in the lease and on tactics. If necessary, the agent will represent the client in the dispute resolution process should the revised rent need to be determined by an expert or an arbitrator. The client will pay an agency fee and this can vary depending on the work required.
The contents of this Newsletter are for reference purposes only and do not constitute legal advice. Independent legal advice should be sought in relation to any specific legal matter.