How much can rent rise at a review?

There is no cap unless the lease imposes one. The revised rent is whatever the open market rent is on the assumptions in the clause — which is why the evidence and the interpretation of the clause matter far more than any percentage rule of thumb.

Can rent go down at review?

Only if the clause allows it. Most institutional UK leases are upward-only, so the passing rent acts as a floor. Where the clause is open, a falling market can reduce the rent.

When should I instruct a surveyor?

Ideally six to twelve months before the review date, and always before responding to a landlord's trigger notice or proposed figure.

Can my rent go down at review?

Only if the lease allows it. Most institutional leases are upward-only, so the review can hold the rent but not reduce it. Where the clause is open, falling markets can produce a reduction and the evidence needs to be assembled just as carefully.

What happens if the review date passes without agreement?

Unless time is of the essence, the review remains open and is settled later, usually backdated to the review date with interest in some leases. Late reviews are common and are not a reason to accept the landlord's figure.

How long does a rent review take to settle?

Straightforward negotiations settle in six to twelve weeks. Where a third party is appointed, arbitration or expert determination usually adds four to six months.

What will it cost me?

Initial advice is free. Fees are agreed in advance, and on reviews are often linked to the saving achieved against the landlord's opening figure.

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What the review clause actually says

Almost every dispute starts with the wording. Upward-only, open market, hypothetical term, assumptions and disregards, time of the essence, the machinery for appointing a third party — each phrase shifts value. Reviews are frequently settled at the wrong figure because the hypothetical letting the clause describes is not the letting that has actually happened.

The first job is therefore construction, not valuation: what property, on what terms, let to whom, at what date, is the clause asking us to value?

Evidence wins reviews

Landlords open with headline rents. The devil is in the incentives behind them — rent free beyond fitting out, capital contributions, stepped rents, break rights and turnover top-ups all need to be devalued back to an effective rent before a comparable is worth anything.

Zoning of retail units in Zone A terms, with proper allowances for return frontage, shape and ancillary space
Analysis of incentive packages to an effective headline rent
Local trading evidence — footfall, vacancy, scheme performance, competing pitches
Records of settlements as well as awards, weighted for how each was reached

How the process runs

Most reviews settle. Where they do not, the lease usually provides for an arbitrator or an independent expert, appointed by the RICS President on application. Timing matters: some clauses make time of the essence, others create deeming provisions where silence binds you to the landlord's figure. Diarising the review dates in a lease is the cheapest risk management available to an occupier.

Common questions

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Initial advice is free — tenant side only.

Chris McGarrigle MRICS, chartered since 1989, acting for occupiers across England, Scotland, Northern Ireland and Ireland.

chris@mcgarrigle.com

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