Scottish No vote brings certainty back to market north of the border
In recent negotiations it has been quite clear that the property market in Scotland had completely ground to a halt with many investors uncertain of the market especially considering that there was no guarantee of what currency the market would be in. Glad to report that since the No vote, the market has started to return to normal.
The importance of being pro-active at rent review
From our experience, it is vital that rent review advice is taken prior to the rent review date coming into force. Whether you are a landlord or tenant, the evidence will have revealed itself prior to the review date with evidence post the review date being far less relevant, therefore getting research done at the earliest opportunity will lead to clear budgeting and a head start in the process.
Saving Costs at Lease Renewal
Increasingly in dealing with lease renewals, there appears to be a tendency for applications to be made to Court whilst negotiations are still going on. Whereas on the face of it this is a natural progression of the process, it leads to the pace being dictated by the Court which often is not helpful to negotiations. It is quite possible if the main terms of the lease have been agreed and the argument is purely about rent to agree prior to making an application to Court to send the matter to PACT, Professional Arbitration on Court Terms, which enables the dispute to be dealt with in much the same way as most rent reviews are dealt with and takes away the massive cost and risk involved with running a valuation issue to Court.