Rent Adjustment and Tenant Default in English and German Commercial Property Leases: An Economic and Legal Analysis
In recent years, real estate investment has witnessed an unprecedented internationalisation. However, national markets largely continue to be shaped by domestic law and local business practices. This book provides a comparison of the British and German property markets, which are Europe’s most important, and discusses key elements of the economics of leasing. Applying the theory of long-term contracts and the economic analysis of bankruptcy law to leases, it examines in detail the regulations pertaining to rent adjustment and tenant default, which can substantially impact investment performance. The prevailing rent adjustment mechanisms such as rent review and indexation are discussed. A comparison is made of the remedies available to landlords of defaulting tenants under both jurisdictions.
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administration Administrative Receivership arbitration base rent cash flows characterised Chartered Surveyors commercial leases commercial property Companies Act 2006 compared court creditors default rules drafting economic Edwards and Krendel Eger enforcement English law ex ante fixed rents flexible forfeiture Furthermore German law graduated rents Gray and Gray hold-up hold-up problems incentive problems independent expert inflation InsO Insolvency Act 1986 insolvency law insolvency proceedings investors Jones Lang LaSalle landlord and tenant lease contracts location-dependant goodwill long-term contracts moral hazard negotiated non-payment of rent obligations opening of insolvency parties payment percentage rents portfolio premises procedure professional property industry re-entry real estate real estate markets regulation remedies rent adjustment mechanisms rent arrears rent review clauses rent-free periods risk risk-aversion Scheme of Arrangement security deposits tenant default term transaction costs transparency turnover rents typically UK property market UORRs valuers