Increase in rent?

ceewash

Thanks for that. I just didn't know if it was the usual procedure to share costs. I don't recall sharing cost of original lease.
Thanks you all for advice. All bit clear now. Looks like pay up or ship out. Not much room for manoeuvre Might still try though.

paddyrg

Try negotiating but be prepared to back down with good grace.

earthstorm

yes what will you lose by negotiating. he has told you what he would like and thats an 8% increase.

why not try and say to him you will give a 5% increase, he may say no its 8% or he may say how about 7%, so then straight away you have saved 1%.
If you have to pay the 8% and its still a good price then just pay the increased price.

when i negotiated my LL7% i was expecting to pay at the least 5% but at a push the 7%, i was not expecting a 4% drop

Savvy_Sue

And definitely get the lease checked out by a solicitor who specialises in this field. You can't afford not to!

greyteam1959

8% of what .......1 million or £2000 ????
Not worth getting the professionals involved at £2000 but would certainly be worth it at 1 million !!!

paddyrg

mervyn11 wrote: »

8% of what .......1 million or £2000 ????
Not worth getting the professionals involved at £2000 but would certainly be worth it at 1 million !!!

That's rather the point of the professionals though - for instance the lease terms might be £2k/year but also sign up for unlimited future rises plus 10 year term repairing lease. That would be easy to bury in the unnecessary legalese lawyers use to keep themselves in business, but could turn £2k in year 1 into £50k down the road with no way out. Courts assume businesses know what they're signing, unlike consumers who are well protected.

ceewash

Thanks to all. I decided to accept the increase as being reasonable but have managed to fix it for the next 5 years He did ask if I wanted to draw up the lease myself but I declined!!! I will still need to pay a solicitor to read over the final lease.