Debt Enforcement in the commercial property sector in London is an essential element to recover unpaid rental revenue for Landlords. For many individuals and corporate portfolio holders this has become a critical issue in the aftermath of the Coronavirus pandemic and consequent cost-of- living crisis.
CRAR London recognise the economic challenges to both Landlords and tenants and are helping landlords across the capital by ensuring their collect money owed in a fair and responsible way.
What is Commercial Rent Arrears Recovery?
Commercial Rent Arrears Recovery (CRAR) refers to the statutory procedure set out in the Taking Control of Goods Regulations 2013. This establishes the rules that must be followed in order to recover rent arrears and other sums due under a commercial lease from former tenants and their guarantors.
CRAR London provide swift recovery processes in accordance with these regulations. This is service FREE to the landlord. We recognise that our clients’ reputation is important and often there is a desire for relationships with the tenant to be preserved. To that end our agents always act with discretion and in a manner to ensure both are safeguarded.
How does the Commercial Rent Arrears Recovery in London work?
Only landlords of commercial premises can use the Commercial Rent Arrears Recovery process, a minimum 7 days’ rent needs to be outstanding before any action begin and there must also be a fixed written lease for the statutory procedure to commence.
What is The Procedure for Collecting Commercial Rent Arrears?
Once we are formally instructed CRAR London will then issue a notice to the tenant giving them seven days to pay. If they fail to do so our agents may then enter the premises to take control of goods to satisfy of the outstanding debt.
How much does it cost to collect commercial rent arrears using bailiffs?
A fixed fee is charged to the tenant for each stage of the Commercial Rent Arrears Recovery process. This includes the compliance stage, enforcement stage and sale stage.
How long does it take Collect Commercial Rent Arrears?
Once the notice period expires we aim to have our agents visit the premises the next available working day.
You can instruct CRAR London for commercial rent arrears recovery online here
https://crarlondon.co.uk/crar-london/
No comment