In undertaking a huge variety of valuation work from Marlborough I have found a great number of instances where people and even companies have been occupying ground or premises without any written agreement defining the basis of occupation. This is usually due to reluctance on the part of the property owner to incur upfront costs, i.e. fees. This is all fine and well when relationships are good at the commencement of occupation however when incomes drop and/or tenants do not undertake repair works verbally agreed, stop paying their rent or more importantly, when the Landlord requires to regain possession it then becomes extremely difficult to remedy the situation quickly.
For what seems to be a cost saving exercise can be one that becomes extremely expensive to rectify and regulate later. With the appropriate lease documentation in place one can add value to property portfolios building a strong history of tenants with good covenants and long term revenue streams. Together with the agricultural sector we have also found this issue arising where undertaking valuations for tax purposes where the appropriate leases are not in place. This has the added knock on effect with regards to any justification to HMRC with regards to any tax relief that may be available.
Woolley & Wallis are a firm that can provide comprehensive professional advice required in order that the appropriate lease documentation can be put in place and more importantly that it contains the appropriate conditions to reflect the circumstances particular to an individual’s case. Please feel free to call Richard Wedgwood of the Farm & Rural team in Marlborough to discuss any circumstances on a non-obligation basis. 01672 515252.
Rural Practice Surveyor