The Times recently reported that the collection of rent from commercial property tenants has started to pick up compared with previous stages of the pandemic.
The latest figures show an average of 78.6% of the rent due from commercial tenants was paid within 35 days of the due date at the end of the most recent quarter.
Indeed, what this shows is that the commercial rental sector is showing shoots of recovery. So, if your tenant is continuing not to pay their rent, it may be time to instruct Cobra, and we can take care of it.
What is Commercial Rent?
A commercial rental or lease is a form of legally binding contract made between a business (tenant) and a landlord. The lease gives you the legal right to use the property for conducting business or other commercial activity for a set period of time.
What is the Difference Between a Commercial Lease and a Residential One?
Though the underlying principle is the same, there are some disparities between a commercial lease and a residential one.
Firstly, there is less governmental protection in place for commercial property tenants due to the fact that you are, rightly or wrongly, seen as a responsible business owner. Positively, however, there is also more room for negotiation as, again, both parties are typically considered to understand the intricacies of how business is conducted.
Unpaid Rent
As unpaid rent spiralled out of control earlier in the year, the implications for landlords were, and continue to be, monumental.
From corporate tenants to local businesses, the impact unpaid commercial rent can have not only on a landlord’s bank account, but also on their ability to secure credit with banks and funders, can substantially affect their future.
Tenants Refusing to Pay Their Rent?
While some tenants are genuinely struggling, others are just simply refusing to pay; and, even worse, they are using the recent pandemic as an excuse.
Indeed, our experience allows us to take a step back and evaluate every case on its merits and decide on the correct course of action to ensure the commercial rent arrears are recovered.
How Can Cobra Help?
Here at Cobra, we act for landlords across the UK providing solutions for those seeking their money back. We can also work closely with other professionals to ensure we get positive results.
Working within both the UK and abroad, we locate debtors to ensure all outstanding debts and rent arrears are paid.
Established over a decade ago, our specialist team of private debt recovery agents are experts in their field, particularly commercial rent collection.
With over 75 years’ worth of combined experienced, we know that none of the typical excuses stack up when it comes to not paying rent. We also know how to recover a commercial debt properly, always upholding your reputation.
If you are owed rent on your commercial property and want to get it back quickly, take decisive action and instruct Cobra today on 0151 526 4222.
