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There are various contexts in which property has to be valued: rent reviews, overage clauses, 1954 Act renewals, for rating purposes. But how is property to be valued in the present market? Aaron Walder and Luke Wilcox will examine how the established valuation principles might be applied post-Covid in these various contexts.
**Participation is free of charge however, advance registration is required. Please note that participants will receive the joining instructions by email prior to the webinar. If you have any queries regarding this event please email firstname.lastname@example.org.**
Tuesday 21st July 2020
16:00 - 16:30
Free to attend
- Legislation – Section 34 LTA 1954;
- Valuation as a matter of Evidence;
- RICS Guidance on Comparables;
- What to do when few comparables available.
The Current Problem
- Lack of comparables & transactions;
- Rent review dates & Lease renewals – what is the valuation date;
- Admissibility of post review date evidence in rent review cases vs Lease renewals.
Issues and case law
- What is a “willing Lessee”;
- What is the nature of the hypothetical willing tenant when in reality there are unlikely to be any willing tenants;
- Limits of practical use
- Nominal rent / reality
Possible and likely solutions
- Rent free period followed by pre pandemic rent;
- Low rent with upward only rent review after a year (putting the problem off);
- Short tenancy or tenancy with break – would tenants want this?;
- Some other form of rent (turnover) – Would landlords want this?
Valuation in other contexts