Make tackling commercial rent arrears your New Year’s resolution!
If you have not been paid the December quarter’s rent or are owed a more significant sum, options are available to you, as a commercial landlord, other than to bring the lease to an end.
“Lease termination is often not the only, or right answer” says Anthony Best, Partner with Prince Evans Solicitors LLP. There are other alternatives from a practical and legal viewpoint, which may make better business sense.
There are options even where the tenant is in administration or liquidation.
Successful commercial landlords have an understanding of their options and keep themselves up to date in the ever changing legal landscape. For example, as a result of the Taking Control of Goods Regulations 2013, the ancient right of a landlord to seek Distress for Rent is to be abolished on 6 April 2014 and replaced by Commercial Rent Arrears Recovery (CRAR).
The circumstances in which Distress, or the taking control of a tenant’s goods, is to be more limited and advanced notice requirements as to the bailiff’s attendance are to apply. Commercial landlords need to be aware that failure to follow the new process may result in a tenant bringing a claim in damages against them.
Prince Evans Solicitors, Ealing’s leading Law Firm, specialises in advising commercial landlord and tenants of their rights and obligations under commercial leases with respect to office space, industrial units, shops, pubs and restaurants. To provide further guidance on the options available to commercial landlords, to include the changes to Distress for Rent, Prince Evans is to hold a free ‘need to know’ seminar for commercial landlords and tenants on Wednesday 29th January from 5:30pm at Ealing Golf Club. You can’t afford to miss out.
To book a place, you must register with Louise Heasman on
07950 248038 or email her at email@example.com.
If you’d like to speak to Partner, Anthony Best at Prince Evans Solicitors regarding any of the points raised in this article, you can do so by calling 020 8567 3477.