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Most commercial leases provide for a rent review and will stipulate how often the rent is reviewed and what the process is for reviewing the existing rent.
The burden of beginning the rent review process will normally fall to the landlord who will need to write to the tenant and follow the process stated in the rent review clause (provided the rent review clause is well-drafted) in order to determine the new rent for the premises.
Disputes can arise between the landlord and tenant regarding what the new rent for the premises will be.
In this situation, a well drafted rent review clause will contain provisions as to what steps the landlord and tenant need to take to resolve the dispute. This will normally result in the dispute being referred to an independent third party for them to review and adjudicate the dispute. This is usually the Royal Institute of Chartered Surveyors, however, it could be another party.
If the new rent has not been agreed by the review date stated in the lease, then the rent will be paid at the previous rate until the dispute has been resolved and the new rent has been finalised.
If you are a landlord or a tenant that is currently in dispute about a rent review then our Dispute Resolution solicitors have the knowledge and expertise to assist you and attempt to resolve your dispute.
Please contact our Dispute Resolution team at TV Edwards.
