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The meaning of "best rent"

Land, Registered Land, Planning law etc.

The meaning of "best rent"

Postby kachibibi » Mon Jun 22, 2015 11:14 am

Leases for a term not exceeding 3 years, taking effect in possession, at the best rent which can be reasonably obtained without taking a fine will be legal without deed.

What is the meaning of "BEST RENT" here? Somebody says it means "MARKET RENT". But I still cannot get it.
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Re: The meaning of "best rent"

Postby atticus » Mon Jun 22, 2015 11:38 am

my subscription service says this:

"In the context of property transactions, the best price that might reasonably be expected for property, or an interest in property, from an unconnected third party on a certain date. A valuer would normally base such a valuation on an average of values for similar properties or interests and would not take into account an unusual transaction.
The term may have a particular meaning, depending on context. For example, many leases will specify exactly what is meant by open market value (or open market rent) in the context of a rent review."
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Re: The meaning of "best rent"

Postby kachibibi » Mon Jun 22, 2015 11:52 am

So it is about the VALUE matter.
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Re: The meaning of "best rent"

Postby atticus » Mon Jun 22, 2015 11:56 am

I don't see what else it could be.
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Re: The meaning of "best rent"

Postby theycantdothat » Wed Jun 24, 2015 9:41 am

In Fitzkriston LLP v Panayi the CA decided that "the best rent reasonably obtainable without taking a fine" means "market rent".
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