LANDLORD AND TENANT RELATIONSHIP, ITS EFFECTS ON PROPERTY VALUES

Format: MS WORD |  Chapter: 1-5 |  Pages: 65-80

LANDLORD AND TENANT RELATIONSHIP, ITS EFFECTS ON PROPERTY VALUES

CHAPTER ONE

1.0     INTRODUCTION

Admassiey. (1995), The purpose of this article is to analyze the impact of a landlord and tenant ordinance (LTTO) on property values, using time series data for the city of Evanston, Illinois, where the ordinance has been enacted since 1975. The empirical data analysis, which includes a trend analysis of heroin price indices for both rental and owner-occupied property has shown that L.T.O is not likely to significantly affect HOUSING VALUES. Those remedies provided in the landlord and tenant ordinance are not likely to be radical departures from the current practices such as housing / building code, and can therefore not be expected to affect housing values substantially.

This research was supported by a grant from the office if Real Estate Research at theuniversity of Illinois. We acknowledge helpful comments from professor peter colwell, and the good research assistance of Theresa Cherniak and Michael Duncan. Acting in landlord and tenant malters for commercial owners or occupiers requires knowledge of legislation (such as the landlord and tenant Act 1954) and case law as well as and understanding other commercial property.

JH Walter has a rich supply of comparable evidence on which to draw to establish a verifiable basis for rent review or lease renewal backed by the experience of our surveyors which are also active agents in the market place. Brought together with technical and legal data, this make us well placed to negotiate the best deal for our clients whatever the market conditions while giving realistic advice about the possible outcome of dispute resolution.

Restructuring of lease can prove an attractive proposition for both landlord and tenant. We offer advice to ensure that clients pay and receive compensation at appropriate levels to reflect changing rental income, lease term and capital value. At lease expiry, both owners and occupiers seek our support in dilapidations claims. (Dilapidation: the extent to which the property falls short of the repairing obligations of lease). We negotiate claims including guidance on the distinction between repair and improvement and the limit of tenant liability on claims where diminution in value (Lost Value) is less than the cost of repair. We advised in rent review of a prominent shop in an unusual retail pitch but one attractive to specialist retailers. Gathering evidence form nearby lettings and other reviews, we helped our client understanding the opportunities and argument possible including adjustments for location, return frontage, unusual layout and repairing obligation beyond matters of value, we gave guidance on required notices and issues of timing in connection with other rights and obligations in the lease.

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