Posted: Wednesday, 4 February 2009 @ 10:38
I have posted before about the drive by tenants to alter the rent payment frequency under their leases from quarterly to monthly in an attempt to improve cashflow.
The British Retail Consortium has now published on its website a draft rent variation letter for use in circumstances where a landlord agrees to allow the tenant to pay rent on a monthly basis.
Landlords should beware however as this is a letter drafted on behalf of a tenants' representative body and does not advise landlords that any guarantor of the tenant's obligations should be asked to confirm its consent to the variation in case it operates to release the guarantor.
Steven Petty, Commercial Property Solicitor
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