Commercial Property Rent Arrears
If you are lucky enough to have good tenants then you will not have had any problems with rent arrears for your commercial property. However, even good tenants can run into difficulties and of course there are always the bad tenants who are always late in paying the rent!
In the past, commercial landlords could simply send in the bailiffs to either forfeit the lease or seize the tenants’ goods or belongings for sale, so that the rent arrears could be recovered. However, the right to seize the tenants’ items and sell them to recover the rent arrears was restricted as from 6 April 2014 when Commercial Rent Arrears Recovery (“CRAR”) came into force.
CRAR now requires various notices to be served on the tenant by the person enforcing the debt, at various stages throughout the process. If you are a landlord then we can help you by advising you as to what you need to do in order to comply with CRAR.