L&T SoE

Question 1

How did you undertake your rent review at Leadenhall St?

Answer 1

• Recieve written instruction from my client
• Check competence
• COI Check
• Request full legal pack
• Review the assumptions and disregards
• Inspect and Measure the premises
• Collect comparable evidence
• Advise my client and provide reccomendations
• Begin negotiations with T

Question 2

Can you name some assumptions and disregards found in the RR for Leadenhall?

Answer 2

Assumptions:
- Premises is fit for immediate occupation
- Hypothetical term of 5 years
- All obligations under the lease have been observed

Disregards
- Any goodwill attached to the premises
- Tenant improvements (if approved)

Question 3

What basis was the RR at Leadenhall St?

Answer 3

Open Market RR

Question 4

What was the method of ADR under the Leadenhall Lease?

Answer 4

Arbitrator

Question 5

Was time of the essence in the Leadenhall Review?

Answer 5

No

Question 6

What was the outcome of the Leadenhall RR?

Answer 6

• Determined a market rent of £65/SqFT
• Recommended we aim for £64-68/Sqft
• Agreed at £66/Sqft
• Solicitors documented the RR Memo

Question 8

L&T Example 1 - 30/32 Ludgate Hill
– What were the break provisions of the tenancy agreement?

Answer 8

6 months written notice, VP on break date, rent paid up to break date

Question 9

L&T Level 3 Example 1 – Unit 11, Croydon Commerce Park
– Describe the Property for me

Answer 9

Industrial estate, housing 12 units. Steel portal frame and profile metal sheet cladded elevations, pitched roof. 3 Phase electricity supply.7.5m eaves height. 8,660 SqFt

Question 10

What was your advice in relation to the section 26 notice outlined that the market rent should be at Commerce Park

Answer 10

£16-18/sqft was my determination of the market rent and the client agreed for this to be the parameters for negotiation.

Question 11

Why did you recommend £16-18/psft at Commerce Park

Answer 11

based on my valuation of the market rent and property characteristics and condition of the premises.

Question 12

Talk me through a term which was changed from the previous agreement and why you recommended acceptance to your Client at Commerce Park?

Answer 12

Agreed at £17.5/sqft and the terms remained the same and this was then passed to sols for documentation. a term had changed following the use classes order 2020 to reflect the change In use terminology.

Question 13

Why did you instruct solicitors to document a rent review at Leadenhall St?

Answer 13

to ensure a solicitors undertakes the documentation and the agreed rent is in writing to mitigate future disputes

Question 14

How did the Tenant ‘comply’ with those break conditions at Ludgate

Answer 14

by serving the notice to the LLs registered address In writing as per the terms of the lase.

Question 15

What dilapidations did the Tenant have to repair before leaving Ludgate Hill?

Answer 15

Remove alterations including partitioning

Question 16

Can you talk us through the terms of the tenancy at 54/58 Church Street and what other point of reference confirmed the dilapidations were of the Tenants making.

Answer 16

The lease outlined the repairing responsibility of the entire property, Including the Items In disrepair.

Question 17

During your follow up inspection of 54/58 Church Street, how did you assess the quality of the repair works?

Answer 17

The building surveyor who prepared the SoD accompanied me to site to review the state of the current works.

Question 18

Describe Leadenhall Street to me

Answer 18

The building is of a steel framed structure with a Portland stone effect façade.

10 storeys high and has two passenger lifts.

Question 19

Describe the unit in the Leadenhall RR

Answer 19

Fit out to meet the tenant’s requirements as an insurance company.

Suspensed ceilings and raised floors.

LED lighting

Carpeted floor finishes.

Question 20

Can you name some break clause case law?

Answer 20

Capitol Park Leeds V Global Radio Services
- Invalid break
- No VP on break date (T removed LL’s fixtures)