Check budgets ahead of lady day rent reviews

NFU members facing a Lady Day rent review are being encouraged to carry out a review of their budgets ahead of negotiations with landlords to help minimise errors and ensure a fair settlement is reached.

NFU Deputy President Meurig Raymond said it was important members had taken any professional advice they needed and made the necessary preparations it they had reviews on Lady Day (March 25).

Mr Raymond said: "We have held a number of spring meetings for tenants to discuss rent issues and they have been well attended. Following Candlemas, and reports of more rent arbitrator appointments, we are concerned that some landlords are seeking high rent increases but are making budgeting errors in their assessment of the productive capacity of the holding and its related earning capacity.

"We would encourage members to carry out their own budget assessments ahead of negotiations for Lady Day rents. Anyone wanting more information should contact their regional office for details of any remaining regional meetings, or look at the information available on the NFU website or speak to NFU CallFirst if they have concerns.

"The key if an agreement is not going to be reached by the term date is to keep a note of farm gate prices and input costs so that, as negotiations continue, you remember exactly how conditions were at the time the rent should have been agreed by."