1. Get information from your tenant – get background information when taking on new tenants. This can often help aid recovery options if required. We would recommend different forms of contact information, bank information and details of any other premises and any assets a tenant may have.
  2. Make sure your lease is registered – if it is, it speeds up recovery. A registered lease is the equivalent of a court decree and would save you time and money on having to go to court if you don't have one.
  3. Check all documents are in order – leases need to be in the current landlord's name. If not, a section 88 stamp would be required from the Court of Session to authorise the new landlord to use the extract registered lease for diligence. If this was done on all leases when taking over a new development, it would save time should recovery or legal action prove necessary.
  4. Double check arrears – make sure all arrears are in order. Have up to date information on arrears in relation to rent, service charge, insurance etc., and ensure all payments received are considered and applied to the outstanding balance.
  5. Always check a company's status – if a tenant is about to be struck off this needs to be objected to, otherwise recovery options become limited.

Contributors

Matt Farrell

Partner

Lauren Miller - Paralegal
Lauren Miller

Paralegal