Upwards Only Rent Reviews
A double post on the same issue, the removal of Upwards Only Rent Review clauses from commercial lease or tenancy agreements.
For those pubs who have longer-term leases, the landlord will often have the option of reviewing the rent, but the reviewed rent will only increase or at best, stay the same. This means that you could be stuck with an artificially inflated rent that bears no relationship to market levels in a post-pandemic or recession business landscape. In 2003, Australia passed a law to outlaw this practice as it was seen as exploitative. Ireland followed in 2010 by producing a similar ban. We believe that it is time the UK followed suit and our colleagues at the Commercial Tenants Association (the CTA) are spearheading a campaign to abolish this practice in the UK as well. Parliament has begun debating a new bill which at the time of writing was at second reading.
There are two ways in which you can help, firstly as part of the evidence-gathering exercise, the CTA has put together a short survey that will help to identify just how widespread the issue is and the most vulnerable businesses to this kind of practice. We would be grateful if you could spend a few minutes completing the survey HERE
Secondly please download our template letter and send it to your MP to help support the new bill. Upwards-Only-Template
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