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The Law Affecting Rent Review Determinations

The Law Affecting Rent Review Determinations

2nd edition

By Alan A Hyam

CONTENTSREVIEWS

This new edition follows the same format as the previous, focusing on the determinations of rents upon reviews or renewals of leases of commercial and retail properties. It provides a detailed analysis of this narrow but complex area, in which the provisions of rent review clauses vary greatly from lease to lease, and even in the same properties.

It refers to the relevant valuation and legal principles, with extensive reference to case law, including the facts of each case, lease provisions, counsel’s argument, and relevant excerpts from the judgments, bringing it up to date to the end of December 2013.

The book explains the history, purpose and operation of rent review clauses; the basis of assessment, including the interpretation of clauses, and definition of terms commonly encountered; the controversial question of lease incentives or inducements; the principles of assessment applied; determinations under retail shop leases; the distinction between "speaking" and "non-speaking" valuations; the functions of the valuer in the process, including the difference between a valuer and an arbitrator; the independence of a valuer; whether determinations are final and binding on the parties.


CONTENTS

Preface
Acknowledgements
Table of Cases
Table of Statutes

1. Introduction
2. Basis of Assessment
3. Lease Incentives or Inducements
4. Challenging Determinations
5. Principles of Assessment Applied
6. Retail Shop Leases
7. Speaking Valuations
8. Functions of the Valuer

Index


REVIEWS

This book is a reminder of just how much consideration is required to draft complex contracts such as commercial leases. The issues discussed by the author are elucidated by references to, and passages from, the seemingly vast amount of judicial examination of disputes arising from rent review clauses.
          This would be a valuable reference tool for lawyers that practice in property law and, in particular, lawyers that advise on disputed rent reviews or determinations. The text is also relevant to other property professionals engaged in the management of leases, especially valuers who undertake market rent review determinations. Read full review...

Edward Campbell, Ethos, ACT Law Society, March 2015

The variety and number of cases cited in this volume highlights the ripe source of litigation provided by rent review disputes.
          The text explores the issues primarily by extracting relevant parts of judgments that deal with the point under consideration. Wrapping up sections with succinct summaries may have been useful to synthesise the sometimes dense case extracts.
          Despite the many cases initiated, the text highlights the practical difficulties of succeeding in challenging rent review determinations.
          Invaluable headings aid in navigating this specialist text. Read full review...

Jamie Bolic, InPrint, Law Institute Journal Victoria, March 2015

Reviews of previous edition:

[A] comprehensive examination of a relatively narrow area of the law. ... [I]t is an invaluable tool for the specialist, or any legal practitioner who is drafting, or advising on, rent review provisions in a lease, or a valuer who is making a rent review determination.
Reading this book also reminds one of how much judicial scrutiny there has been on this issue and how careful a draftsman needs to be to ensure that the intention of the parties to a lease is reflected in the rent review determination clauses. …
… [T]he author’s enthusiasm for the topic … is reflected in the text which is both well written and extremely comprehensive.
… [T]his book is the last and most comprehensive word available in Australia on the topic. If you are involved in a dispute which touches on a rent review determination, if you are drafting clauses concerning rent review determinations, or you are a valuer about to undertake a determination, this book should be your bible.

Alternative Law Journal, Vol 31:2 June 2006

As with so many Federation Press books, this is an excellent bringing together of common law on a discrete area. Having read the book, I wonder now how I could ever have given advice to any client about how to interpret rent review provisions in the absence of having read this text.
Alan Hyam says nothing in this book without citing direct court authority for the proposition, and in most instances carefully picks out the particular quote relevant to the proposition. Very precise, and very helpful.
I would now consider this text essential to read in entirety before embarking on advising on a disputed review process or result ... [and also recommend it] as a casual refresher of the issues surrounding rent review.

Phillip Kimber, Law Society of Tasmania Newsletter, Autumn 2006

   

Published 23 June 2014
Publisher The Federation Press
Hardback/288pp
ISBN 9781862879591
Australian RRP $165.00
International Price $150.00
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Law - Landlord and Tenant
Law - Property Law


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