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Lease arbitration under PACT
Title Lease arbitration under PACT
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Author Chris Ray FRICS, FCIArb
Date March 5, 2012
Views 10248
46 time(s)

As a surveyor I have been appointed either through the President or by agreement of the parties to act as Arbitrator under PACT where the issues involve matters of valuation.

The length of the lease, the initial rent and the interim rent are the usual matters.

In all cases I require an agreed form of lease to accompany the Consent Order where upon I am able to conduct the case as I would as an Arbitrator or Independent Expert dealing with a rent review.

I invite the representatives to attend a preliminary meeting, provide written directions to suit their requirements and receive Reports and Replies which are exchanged before proceeding to make my Award on the issues before me.

I may be required to make a Final Award that covers the issue of the costs.

Once the parties have agreed to proceed to PACT they can select either a solicitor to hear cases dealing with legal issues or a surveyor with matters of valuation.

As a surveyor who also acts for landlords and tenants as their Expert Witness I urge clients to keep matters out of Court if at all possible. Leases are becoming much shorter which will lead to more lease renewals than rent reviews.

I do believe that the costs of referral to an Arbitrator or Expert can be less than those incurred in contesting matters through the court, even if settlement is reached on the steps at the very last minute.

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