When it comes to your rent review, the key consideration will be the date of the review.
If the review date preceded the start of the crisis, this will have no bearing on the rental valuation for your rent review.
Where the review date occurs after the crisis started, Coronavirus may affect rent levels but it will be dependent on what happens around the review date in that particular market. We already know that some sectors are less effected than others.
A clearer picture of the full effect of COVID-19 on rental values won’t become clear until much later this year.
The big questions that are likely to be asked is, “did Coronavirus effect the property market?” and if so “at what point did the crisis start to influence the property market and transactions?” These questions are likely to be heavily debated over coming months.
Our prediction is that the percentage of rent review being disputed through Arbitration and Independent Expert Determination will substantially increase.
Each side may have a different view on the answers to these questions, and a common ground for a settlement will be harder to reach as a result.
With this in mind, it becomes even more important than ever to have a surveyor with the market data necessary and expertise in being an expert witness, representing you.
For support with your rent review, don’t hesitate to contact our team of lease advisers.