ACS

The British Retail Consortium (BRC) and the British Property Federation (BPF) published a joint statement on the issue of monthly versus quarterly rental payment terms. Following a regular gathering known as the Owners' and Occupiers' Property Forum.

The statement said:

- The Forum recognised that over the last year monthly payment terms had been agreed on new lettings and, in keeping with the 2007 Lease Code, monthly payment should be considered, if requested, on new leases and at renewal.

- In return for monthly terms it was agreed that it was acceptable practice to require payment by electronic means.

- Landlords were encouraged to be open to discussing possible revisions to existing lease terms to incorporate monthly payments but the Forum recognised that these discussions would have to take account of the implications for both parties.

- Landlords are encouraged to respond positively to requests for changes to payment terms that ease cash flow pressures for occupiers facing financial difficulty, who in turn are advised to open discussions with their landlords at the earliest opportunity.