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Deputy Pearse Doherty said some owners were reletting homes in a bid to circumvent lease pressure zone caps with claims they were refurbishing houses.
When tenancy agreements come to an end the property is termed a void and works are undertaken to ensure that the property is suitable for reletting to another tenant.
This asset was acquired by the company in 2004 for GBP 6.75m, and since then has benefitted from a minor refurbishment and reletting / lease regears.
A greater level of lease events will also encourage landlords to make decisions on re-gearing, reletting, refurbishing or changing the use of their assets."
Landlords of these properties are however noted as agreeing token downward rent adjustments upon lease renewal to retain their tenants and avoid vacancy and reletting costs.
Even if the cap is not met through lost rents, states differ in whether certain costs in connection with reletting are recoverable.
"Naylors have been involved from lease termination in March through to refurbishment and reletting of the office space and we are delighted to have been further appointed to let the ground floor retail unit."
They may prefer to negotiate and keep you than go through the trouble of reletting the property.
PKRK's suit seeks an additional $20,000 to cover charges of "repairing the premises to good order and reletting the property."
What landlords really need to do on an acquisition is to look beyond the current leasing structure and focus more realistically on the reletting prospect of the building once the current leases expire.
He entrusted the sale to a dealer who arranged for the reletting of
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