Valuations / Schedules
Commercial Agency
Property Management
Rent Reviews and Lease Renewals
Planning and Development
Rates
Valuations / Schedules
We provide valuation advice for both residential and commercial property in the region for the following purposes; acquisition, disposal, funding/finance, taxation, company accounts, insurance and development projects of particular speciality to the practice is the valuation of medical practices. back to top
Commercial Agency
The commercial property market is constantly changing so we aim to provide up to date advice in acquisition and disposal of retail, office, industrial, business and investment property in the locality. Our advice is backed up by the latest computer technology, we aim to offer appropriate advice to suit the circumstances, and we have proven success in sales, lettings and acquisitions..
We are constantly seeking freehold investment opportunities for a variety of clients including small and private property companies and larger investors. back to top
Property Management
We act as management consultants to a varied range of clients with commercial property in the region, regardless of the size or location of the investment. We are able to provide an effective individual management service and strategy to suit clients needs and requirements.
We manage individual industrial units and estates, offices and office blocks, high street and suburban shops by dealing with landlord and tenant administration, lease enhancement and control, insurance valuations, portfolio appraisal, financial management including rental invoicing, rent collection and debt control, interest calculation, service charge, administration and environmental management including Health & Safety advice, building maintenance, contract service and compliance with statutory requirements. back to top
Rent Reviews and Lease Renewals
A prompt and cost effective settlement of rent at the proper level is important to both property owners and occupiers. Professional expertise and market knowledge enables us to achieve the best results on behalf of a variety of landlords and tenants in rent reviews and lease renewal negotiations.
We aim to provide expert advice on rental levels and lease terms to achieve the best settlements available. Where necessary, we will produce submissions to arbitrators and independent experts and liaise throughout the process with the legal advisors and the courts if necessary. back to top
Planning and Development
We have experience in providing planning and development advice to clients for small and large development schemes. We have advised on starter units, substantial office, residential and town centre retail schemes. We combine our knowledge with other professionals working as part of or leading a multi discipline team, site assembly, acquisition, design, contamination advice and disposal.
Rating
Rates Liability - 2012/2013
Rates payable by businesses are based on the rateable value multiplied by the Uniform Business Rate (UBR) - otherwise known as the "rate in the pound". The UBR is generally increased each April in line with the Retail Prices Index (RPI) dating from the previous September.
By a cruel coincidence, in September 2011 the rate of inflation peaked at 5.6%. Whilst the Chancellor does have scope to adopt a lesser increase it appears thus far that the intention of the Treasury is indeed to impose the full 5.6% increase from 1 April 2012 - this despite the Bank of England forecasting that the rate of inflation will fall significantly throughout 2012. Assuming the proposed uplift goes ahead the full UBR will rise from 43.3 to 45.7 pence in the pound from April 2012.
As a sop to the business community the Chancellor has, however, announced that businesses will be able to defer 60% of the increase in their 2012/2013 rates liability. The deferred sum would be repaid over the following two years. Whilst this concession is to be welcomed, the scheme will require businesses to apply for the deferment. They will also rely on the often dubious expertise of local authorities in calculating and applying the deferment correctly.
Small Business Rates Relief
Under the Small Business Rates Relief Scheme no rates are payable by qualifying small businesses where the property rateable value is below £6,000. This applies until April 2013. For rateable values above £6,000 but below £12,000 the relief will reduce on a sliding scale with full rates liability kicking in for RVs above £12,000.
This relief scheme provides scope for small businesses to save significant sums if their rateable values can be reduced so as to fall within this threshold. Acting on behalf of clients, Merrifields were recently able to reduce the rateable values on a shop and commercial premises by 30% and over 50% respectively. On both occasions this outcome brought the RVs down to just below £6,000, thereby enabling the tenants at each property to benefit from zero rates liability.
Empty Rates
On the 1 April 2008 the government brought in changes to the rates liability for empty property. Prior to this date, following an initial void period shops, offices and most other non-domestic properties were liable to pay 50% of the full rates bill. Industrial premises were treated even more favourably when empty as no rates were payable.
The situation now is that after an initial void rates period virtually all properties attract the full rates charge. This tax has to be paid by whoever is in control of the property - this could be a tenant but, in many instances, it will be the owner.
Situations where empty rates are not payable include; properties with a rateable value below £2,600, listed buildings, ancient monuments, properties formerly occupied by companies in administration or a bankrupt person, properties owned by charities or community amateur sports clubs, property whose occupation is prohibited by law and those properties where the owner is the personal representative of a deceased person.
There remain certain measures which may be able to be taken so as to minimise Empty Rates liability. Merrifields can advise businesses of these options and discuss whether it will be possible to implement them.
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