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Monthly rent advised for commercial property landlords
2009-01-13
Buy to let mortgage borrowers who own commercial properties have been advised to consider monthly rental agreements amid the difficult economic climate.
Law firm McGrigors said monthly rents could soon become standard practice, as a number of retailers are struggling.
It comes after high street retailers Woolworths and Zavvi were recently forced into administration due to the effects of the economic downturn.
Monthly rent payments, as opposed to the traditional quarterly agreements, could help commercial property users protect their leases by easing their affordability, McGrrigors suggested.
Lesley-Anne Faichenie, senior solicitor in real estate practice at the law firm, said: "Monthly rental agreements can mean that tenants have a steadier flow of cash.
"This could be the difference between a tenant being able to continue paying their rent and having to forfeit the lease," she added.
Landlords should expect the current trend of commercial property users switching to monthly rents to become commonplace in the current economic climate, the firm also advised.
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