The Importance of instructing a Surveyor: Rent Review at Dunstable Road, Luton

Overview

Our lease advisory surveyors were instructed to act on behalf of a tenant in connection with an upcoming rent review. The landlord had requested a considerable uplift in rent from £14,400 per annum to £24,000 per annum.

Result

On this instruction, the surveyor instructed was able to demonstrate the importance of taking professional advice on any lease event. This particular area of Luton is a popular location for retailers and the rent that the landlord had requested was supported by local comparable evidence. However, the surveyor was able to identify aspects of the lease that had a detrimental impact on rental value. The lease allowed the landlord to terminate it at any point upon giving 6 months notice if planning permission was granted to convert the loft of the property into additional residential accommodation.

After protracted negotiations with the landlord the surveyor settled the rent review at £18,750 per annum saving the tenant £5,250 per annum in rent for the next 5 years of their lease. A result that most certainly would not have been achieved if the tenant tried to settle their review directly with their landlord.