How much will it cost me to appoint a surveyor to negotiate a rent review?
There are no recommended fee scales so it will depend on the market in the area in question. Fees can be based on an hourly rate, a fixed sum or a percentage of the rent agreed. They can also be based on a percentage of the reduction of the rent proposed by the landlord. It’s wise to discuss your requirements with your surveyor and obtain his/her Terms and Conditions of Engagement in writing before appointing him/her. Small businesses with no more than two commercial properties in England and Wales with a rateable value of less than £10,000 pa (£15,000 pa in London) can take advantage of the RICS’s Small Business Scheme. Both parties must agree to use the scheme where the rental dispute is referred to an expert who will charge a fixed fee to cover the cost of the determination. Normally the landlord and tenant will pay no more than £500 each for this – and possibly less. For more information ring the RICS on (020) 7222 7000 and ask for the Dispute Resolution Service, or go to www.rics.org. If either party wants their own professional advice, they will need to pay for that separately.