A lease is a contract between the landlord and tenant where the landlord is seeking to maximise the benefit of the investment and the tenant to minimise outgoings
We advise Landlords and Tenants alike in connection with both rent reviews and lease renewals in respect of most types of traditional high street retail, industrial and office properties. We base our negotiations on the available evidence and negotiate to achieve the best result for our client..
Both rent reviews and lease renewals require a full understanding of Landlord and Tenant property law. At rent review, as well as an understanding of Landlord and Tenant property law, the surveyor must also have the ability to interpret and understand the intricacies of the rent review clause whilst at the same time having regard to the lease and any other occupational documents.
Increasingly, over the last forty to fifty years, the sub-division of London’s larger houses into the formation of self-contained flats have given rise to a brand new opportunity for both residential landlord’s and tenants to enlarge their property interests and increase their property wealth.
Existing Acts of Parliament have provided an established route by which tenants can either extend their leases for a further 90 years without paying future ground rent or to obtain a share in the Freehold of the property.
Landlords at the same time gain and benefit from these transactions as they can charge a premium for agreeing to the alteration. In order to achieve these objectives, skilful negotiation is necessary, including, sometimes, attendance at Tribunal.
Most property owners will, during their time of ownership, discover that they require a formal written valuation of their or a relative’s property. A formal valuation will be required whether due to death in the family or where a Capital Gain has been made or a property related gift has been received. These valuations must be undertaken in accordance with prescribed procedures and method, laid down in the: RICS Valuation – Professional Standards January 2014 incorporating the IVSC International Valuation Standards.
Business and companies require market valuations, flowing from the normal course of their business activity. The valuation of freehold and leasehold interests requires the employment of established valuation techniques and methods.
Whether a property owner is a private individual or a commercial company, differences in opinion over the value of property inevitably arise, leading to disputes which have to be considered by the courts.
In the current economic climate and on the grounds of good stewardship generally, the Courts are looking to see costs minimized, whether through the appointment of a Single Joint Expert in family (i.e. matrimonial disputes) or in appointing recognised experts in commercial disputes. Drivers & Norris have accredited experts who are able to assist.
It is not generally appreciated that one of the largest estate regeneration projects in the UK is currently underway at Manor House, North London. Having only begun the project two or three years ago, the London Borough of Hackney is in the process of acquiring all of the long Leasehold interests on the estate over the next 20 years. Drivers & Norris Surveyors are in the fore front of negotiating compensation for the dispossessed property owners.
Commercial landlords and tenants will be aware that invariably properties require regular maintenance and in most cases when property Leases end a repairing liability will exist that necessitates the provisions of a Schedule of Dilapidations.
The cost of repair and damage to the landlord’s interest will need to be quantified and Drivers & Norris Surveyors are in an effective position to advise. Equally before a new Lease is taken often a tenant will want to minimize his liability for any existing disrepair through the provision of an ingoing Schedule of Condition.
Both residential and commercial property owners will periodically require to know the current cost of rebuilding their premises for insurance reinstatement purposes. Drivers & Norris Surveyors are able to provide the required cost assistance. This is often a requirement of the insurance company.
At the heart of our business is Drivers & Norris’s Valuation Advisory Practice headed-up by highly regarded surveyors who together provide over 60 years of professional experience. Our team negotiates hard, saves clients considerable sums of money and provides smart, added-value solutions that keep clients coming back. Their expertise spans the breadth of valuation challenges faced by institutions, landlord & tenants and private individuals, in today’s complex commercial & residential property market. Secured lending valuations, enfranchisement for flat-owners, along with guidance on right to buy and IHT challenges are busy areas for our friendly team. We also offer a discreet, tailor-made expert witness service for property clients facing civil or matrimonial litigation, along with having a unit dedicated to building surveying which also works alongside our property Management division. With comparable valuation evidence tracking back to the 80s, our surveyors are also the go-to team for all professional queries within the broader agency. Our Professional division is regulated by RICS.
To make sure our Professional service is as good as we think it is, we invite clients to rate us and we regularly listen to their suggestions in independent surveys. Here is a selection of customer Feedback :
(Nat West business banking)
Drivers’ Professionals gave us an accurate valuation report on an urgent loan request. They kept us updated & the Team were very helpful throughout the entire process.
We completed the sale of my family’s retail business within a super tight timeframe. Drivers’ expertise and knowledge shone through & they were a pleasure to work with