With retail store closures again making the headlines, a prompt and pragmatic property management programme could help soften the blow for landlords - even if a tenant enters administration.
Once a tenant is in administration, there is little a landlord can do. The law protects the tenant, so landlords cannot retake possession, take action to recover arrears or force correction of any repairing breaches.
However, all is not lost and there are in fact ways by which landlords can reduce their losses, but a detailed and up to date knowledge of the property is an essential requirement.
Know your lease terms
Know your occupier
Know the past
Unfortunately for landlords, tenant administrations are largely unavoidable, but by knowing your building, occupier and lease terms inside out, it could be possible to recover more than expected during a tenant administration. Property management is often seen as a poor relation; however a prompt and pragmatic approach can offer real benefit to landlords during times where all seems lost.
About the author
Mark Kelly is an Investment Property Management Surveyor at Colliers International’s Bristol office,
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