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farms, land & estates
If you are a landlord or are thinking about letting out your farm, land or estate, we've compiled a list of some of the questions most frequently asked by our landlords.
Partner - Head of Rural Division
Tim is head of the firm's Rural Division and of the Cambridge office, although he spends a considerable amount of time in London. He has over 20 years experience in advising institutional and pri...
Tim is head of the firm's Rural Division and of the Cambridge office, although he spends a considerable amount of time in London. He has over 20 years experience in advising institutional and private clients on a very wide range of rural business issues, including sales and purchases, strategic advice and valuations. He often works with specialists in other divisions of the firm to provide clients with a fully integrated property service. Tim lives near Newmarket and has a keen interest in country pursuits, encouraged constantly by his two children.
It will depend largely on market conditions, the level of interest, the letting terms and the quality of the property.
This will vary depending on the type of property – for bare land short term lets are normal with equipped farms usually being let for longer periods of 10 years or more. Break clauses are possible and can be unconditional subject to statutory safeguards on the length of notice. Under what circumstances the break clause can be operated will be a matter of negotiation between the parties.
Yes, but careful consideration is needed in relation to the proposed timescale of any potential development and the length of the tenancy and any break clause.
This is a matter of negotiation and will vary depending on the type of property and length of lease. Ultimately if the tenant is required to insure, repair and maintain the property and this obligation is particularly onerous, this will probably be reflected in the rental value of the property.
The taxation consequences of any letting must always be carefully considered usually in conjunction with a suitably qualified tax advisor.
For agricultural property rents are typically reviewed once every three years although the parties are free to agree how often a review takes place. The basis of the rent review will normally be open market although there is now provision to review the rent to given figures or to follow a specified objective formula providing that the formula does not preclude a reduction in rent.
There are a number of ways a farm can be let. The best method will depend on the individual circumstances of the case. Some alternatives to the traditional Landlord and Tenant relationship include simply letting under license or entering into a contracting or share-farming arrangement Each method will have pro’s and con’s so good professional advice is vital at an early stage to ensure the best possible return.
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