Understanding Rent Collection - Unblocking The Income Stream With Consequences
What do you really know about rent collection and payment? This programme focuses on rent collection, payment, debt management and money management in commercial property management, while also considering specific issues in relation to mixed-use properties with a residential element.
|21 June 2018||Village Hotel, Solihull||£210||BOOK|
Note: All prices are subject to VAT at the prevailing rate
Payment of rent is not only the key aspect of the landlord and tenant relationship, it is the very foundation of it, but how well is the process understood? Anyone can send out a rent demand, anyone can make a rent payment, but not everyone is aware of the potential to lose valuable rights and remedies, or even to incur penalties, if actions are taken without the relevant knowledge. In this programme, we consider rent collection and payment from the position of both landlord and tenant, dealing with the regulatory aspects, the wider consequences for other lease rights and obligations, the management of the landlord and tenant relationship, and prevention of problems before they occur.
With professional staff under increasing demands to make savings, and service more clients, they are frequently looking to delegate more of the routine management tasks to support staff. It’s vital that such staff have a sound understanding of the processes, legal requirements and best practice.
- Gain a broader understanding of the invoicing, demanding and payment process
- Recognise key regulatory and tax requirements
- Appreciate the range of remedies available to landlords for recovery of arrears, and the pros and cons of each
- Know the approach to be taken to third party payment
- Understand the entitlement to income in situations of undocumented occupation
- Mark Shelton, Commercial Property Management Law Trainer, CPM Law Training Limited and Author of The Lease Guide website
Knowing the landlord & tenant
- Commercial Tenants
- Assessing tenants’ solvency
- Spotting tenants in distress
- Why it matters
- Protective measures
- Special considerations for mixed use buildings with a residential element
- Who is the tenant?
- Who is the landlord?
Payment and Non Payment
- When to pay
- Apportionment issues
- Identity of the payer
- Forfeiture and waiver
- Non payment
- Court Proceedings
- Guarantors, former tenants and the importance of serving S.17 notices in good time
- Use of statutory demands
- Common problems on insolvency
- Conditional break clauses
- A commentary on service charge collection
- Rent deposits
- What rent can be recovered?
- What premises are excluded?
- The requirement for notice
- Experience to date
How to get money in
- The rules on charging interest on overdue accounts
- Payment terms – fair and unfair
- The demand process
- The role of software packages – their strengths and inherent weaknesses
- Payment by third party
- Pre-credit control
- Type of accounts
- Opening a client bank account
- Payment into a client bank account
- Payment of interest on client money
- Withdrawals from a client bank account
- Records and reconciliation
- The responsibility of a principal RICS, SRA, accounting regulations on best and expected practice
- Money laundering
- Non-resident landlords
Question and answer session