Asked by THS
I have a Tenancy agreement with tenant and there is an option for tenant to renew for another year and since the we cannot agreed on new rental, he insist to follow the clause in TA to get an valuer to do so. My questions :
1)Is clause/option a standard in any TA ?
2)IS this rare to go to this stage (valuer) ?
3) Although both will share costs of valuer, typical how much is it to engage one ?
4) How the process work ? The landlord engage his own and tenant get his own valuer ?
5) Are both landlord/tenant legally bounded by the outcome of the valuation ?
6) If not, the tenant might changed his mind after valuation but landlord already paid half the costs and landlord cannot says no due to this option ?
7) From what I see, the option is unfair to landlord since it gives the authority to decide the price to valuer which will be mkt rate and landlord will always proposed higher or at least same as mkt rate ?
1)Is clause/option a standard in any TA ?
2)IS this rare to go to this stage (valuer) ?
3) Although both will share costs of valuer, typical how much is it to engage one ?
4) How the process work ? The landlord engage his own and tenant get his own valuer ?
5) Are both landlord/tenant legally bounded by the outcome of the valuation ?
6) If not, the tenant might changed his mind after valuation but landlord already paid half the costs and landlord cannot says no due to this option ?
7) From what I see, the option is unfair to landlord since it gives the authority to decide the price to valuer which will be mkt rate and landlord will always proposed higher or at least same as mkt rate ?
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