Another Property Management instruction hits our desk

RPS have now been instructed for the Property Management services on Amiri Capitals flagship real estate investment on Park Crescent, London.

The role involves the management of the numerous commercial and residential units and leases on this prime 2.4 acre site that faces Regents Park.

The instruction is a major coup for the RPS team and reflects the importance that major client investors are placing on the quality of property management support and guidance whislt they concentrate on their core buisness.

The RPS team are now managing an increasing number of commercial and residential properties in the West End and if you feel your business would benefit from the approach we take to providing quality service to our clients and tenant customers then please contact us.

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Tenancy Deposit Scheme

RPS Ltd are now members of the Tenancy Deposit Scheme providing protection to tenants deposits with a government authorised scheme. The scheme is insured and this gaurantees that tenants will always get back the money to which they are entitled. By law, a landlord or agent who receives a deposit for a qualifying tenancy MUST protect the deposit.

If you are a landlord seeking a deposit or a tenant who has been asked to leave a deposit and you need more information then please call the RPS residential team.

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Another instruction comes our way……

More great from the RPS property management team  recently been appointed as the Property management team for Alkhabeer’s new investment in Great Portland Street. This instruction extends RPS’s relationship with Alkhabeer and mirors it’s link with overseas investors who need good quality service, management and reporting delivered accurately and without fuss.  without doubt RPS’s profile and reputation for service  is spreading!

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RPS Invest in New Management Systems

The Property Management team at RPS are pleased to announce their purchase of an enhanced property management software system to add to their current reporting and management programmes. This purchase is made at a time when many competitors are cutting back on their costs and investments in support systems.

The RPS team have commited to invest in a new Property Management system that is a sure sign of renewed confidence in their business and will further enhance their client reporting and improve their monitoring of tenant compliance with lease terms and client opportunities for income.

The RPS team are looking forward to demonstrating these enhanced monitoring and reporting systems to their clients.

If you think you could benfit from the Property Management services of RPS then please give us a call.

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RPS Complete on New Office Letting

RPS have just completed a new letting at J Mould’s Theale Lakes development for Goringe Accountants.

The letting results from an expansion of Goringe Accountants business and growth in it’s client base and provides them with their first lease having relocated from local serviced offices. The term, arrangements and landlords incentives negotiated by RPS provided Goringe Accountants with a solution to their frustration with serviced office space and enabled J Mould to complete on the fit-out of one of their vacant units that had remained as shell and core for some time.

Completion of this transaction further enhances on RPS’s growing reputation for quality advice and guidance delivered in a practical manner. If you are proposing an expansion of your business then give the RPS team the opportunity to demonstrate to you the benefit of their knowledge & experience.

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RPS instructed for top end residential management

The RPS team are delighted to announce their property management appointment of the new Meritas Court residential scheme in Bayswater.

The development by Seahorse International through the managment team at Meritas consists of 15 high quality apartments from 1 bed, duplexes and the top end 5 bed suites. Investors and owners are coming from Oman, Maylasia and Hong Kong and have been particularly pleased with the hands-on management that RPS offers together with our additional ‘Residential Services’ providing a shopping list of services tailored for investors and owners that are based overseas.

This instruction expands RPS’s involvement with Meritas who find our three stage approach of finance, risk management and communication suites their requirements. If you have a similar need for quality management of your commercial, residential or industrial properties then we would be delighted to help.

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Telling the Truth and all the Truth

Under the Property Misdescriptions Act 1991 it is an offence to make false or misleading statements when offering a property for sale or letting unless it can be shown that all reasonable steps and due diligence applied to avoid the misrepresentation.
In a recent example gardens of 3/4 of an acre were found to be 0.4 acres. The agent had relied on information relied on by the seller. although the measure noted that it was subject to survey. But this did not prevent the advert being false and misleading.
when advertising for sale and letting of property it is essential that clients and agent ensure that the facts being displayed are accurate if they want to avoid future disputes and loss of sale.
speak with the team at RPS and we would be happy to discuss the best way to approach the marketing of your properties.

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Legal Q&A?????????????

I am the sub tenant of a commercial office & my immediate landlord has gone into liquidation. This doesn’t effect me…………..does it?

YES, it does……………

but it will depend of how either your head lessee and liquidator wish to proceed so start by contacting them.

Firstly it is likely that your immediate landlord is not paying the rent or other demands (insurance, service charge etc). Therfore you may receive a S.6 notice from your superior landlord requesting payment directly from you.

The superior landlord may consider forefeiting the lease if able to do so. He will have the liklihood of re-letting in mind and so economic conditions will have a bearing. You couls apply to the court for relief against forfeiture but the court has the discretion to insist on onerous conditions that you must consider.

Alternatively your landlords liquidator (after adminstration) has the ability to disclaim the lease (only the liquidator can forefeit a lease). If this occurs your rights and liabilities in relation to the property are extinguished. But if you continue to make rental payments (and they are accepted) you can apply to the court for a vesting order so you can step into your landlords shoes and become tenant under the headlease.

If your having problems with your lease, landlord or tenant then contact any of the team at RPS who will be happy to discuss your options with you.

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So why is the rateable value £95,000 when my rent is only £50,000?

This is a common question at the moment and one that business owners are struggling to comprehend. Surely it’s the market rate today that sets all prices. Isn’t that how basic economics works?

Well not when it comes to Business Rates!

Broadly speaking the RV, set by the Valuation Office Agency (VOA), is based on rental value. However although by title it’s called the 2010 Rating list the figures used are those set and collated from 2008. Economic times back in 2008 were vastly different open market rents much higher.

As the RPS team have pointed out before, physical changes to your property and its locality can be reflected in a claim on Business Rates Relief, economic changes cannot.

On the horizon though is the 2015 revaluation that will reflect RV’s as at April 2013.

At RPS we support the British Property Federations (BPF) efforts to put in place a more equitable and accurate form on land taxation than a system that will always remain 5 years behind economic and business cycles.

If you are unclear as to how your Business Rates have been calculated and to see if they can be challenged they contact us to receive sound and clear property advice.

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The Small Business Retail Lease (SBRL)

The RICS have prepared and issued a lease specifically designed for use by tents and landlords of smaller retail units following responses by new start-up businesses to the cost and time in preparing and drafting leases and to complaints that they can be too wordy and complicated.

Two versions of the SBRL have been prepared, one for inclusion with the LTA 1954 and one to exclude the lease from these provisions.

In summary the SBRL will include provisions as follows;

  • A maximum leased term of 5 years. (avoids rent reviews and registration of the lease).
  • No rent review (therefore at renewal the rent can go up or down).
  • The lease is all inclusive (no provision for service charge)
  • The lease allows for a tenancy deposit (similar to residential leases)
  • Repairs are referenced to a schedule of condition
  • Rent can be paid monthly
  • Fixed (no ability for change of use)
  • Provision for a lease break at an agreed time.
  • Disputes to be settled via ADR using the RICS route

By making leases more transparent and cheaper it is hoped that landlords will find it easier to let difficult units, professional fees will be lowered, lease disputes reduced and business will find it more attractive to let small retail units. The team at RPS support the RICS is their goals and will recommend to their clients the use of the SBRL.

If you feel that the opportunity for letting a small retail unit is for you, if you have a lease expiry due within the next 12 months and are seeking quality professional advice then contact the team at RPS.

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