Commercial Rent Review

[ManJ]

Hi guys, the time has come to do a rent review for one of my tenants, I have letted the property out to a hairdresser for about 7 years and thought that he is a little over due a rent review. It has been let out to him privatly, therefore I would rather just type up a letter rather than go through my solicitor, could anyone point me in the direction of what the letter should say, or where I could find a template?

Thanks in advance

ManJ

 

[dchaddah]

Manj

I've been in a similar position before, and just wrote a letter along the lines of:

Ref: Premises at: xxx

Dear x

It has come to my attention that the rent on the above premises has not been reviewed for a number of years, and traditionally rent reviews are undertaken on a 5 yearly basis.

With this in mind, I have conducted market research and a fair rent for the above premises is £xxx per annum. This is taking account your longterm and future commitment. This new rental figure will apply from xxx.

Please do not hessitate to contact me should you have any questions.

Kind Regards


Depending on your relationship you may want to have a informal chat before putting anything in writing. In my case I was thinking of a certain figure and when chatting to the guy found out he would be more that happy to pay 15% more than I thought I could get! :bannana:

 

[ManJ]

I have already had my chat, Im gona put it up by 15%, that sounds good mate, will put that accross to him... many thanks