Rent Reviews
There are a number of key issues if you are renting premises, including how to rent a property, the different types of rental available your responsibilities as a tenant. Business Link's website has information for businesses on what you need to consider before deciding whether to rent a property and what your responsibilities are.
Rent Reviews
Rent Reviews take place to re-evaluate the amount of rent that should be paid on a premises, and often occur every three to five years, although could happen at much shorter intervals. There are a number of different approaches to rent reviews. This may include a fixed rental increases over a certain period, or indexed rent where the rental increases depending on an a different factor, such as changes in the Retail Price Index (RPI)
It is important to ensure that you are paying fair rent on your property, and that a review is conducted properly. There are a number of issues which you should take into account when your review is taking place, and before you sign a contract, for example if the reviews will be ‘upward only’ so that even if rental values should fall yours may still rise. Also you may want to consider asking for break clauses to be introduced to allow you to assess whether you want to continue renting. For more information on these issues visit the Business Link website.
The British Property Foundation has a code of conduct for renting, including rent reviews.