Be prepared as candlemas rent reviews approach

Farmers facing a rent review this spring are being urged to make sure they are fully prepared and have taken any necessary professional advice to ensure a fair settlement is reached.

Time is running out for tenants with Candlemas (February 2) rent reviews to reach a settlement before an arbitrator is appointed and NFU Deputy President Meurig Raymond said it was important members with reviews on that date or on Lady Day (March 25) had made the necessary preparations.

Mr Raymond said: "At the moment, with markets volatile, tenants must prepare carefully for a rent review which will determine the rent for the coming three years.

"With concerns over investment for NVZs in slurry handling systems and uncertainty over future profitability it has never been more important to agree the right level of rent for the farm, one that allows the landlord to invest appropriately and the tenant to make a profit to provide for the future.

"I would urge tenant members of the NFU to get in touch with the organisation or visit the tenant pages on NFU Online to see how it can assist your business if it is facing a rent review."

Recent case law has led to some confusion on rent reviews where the rent is subject to VAT and NFU members should take the advice of a chartered surveyor or agricultural valuer if they think this situation may apply to them.

A series of regional meetings is being organised by the NFU to discuss rent issues. Members should contact their regional office for more information.