Services
Rent Reviews
For many GP practices, Notional Rent is one of the most important sources of income. Reviewed every three years, it should reflect the Current Market Rent for your premises. Too often, practices accept the figure provided without challenge and end up underpaid.
Lease Renewals
A lease is required when the property is to be occupied by someone who does not own the property. There is an increasing trend for incoming partners not being keen to buy into the property and, conversely, retiring partners not keen to sell the property. This can result in a lease being required. Entering into a lease requires the approval of the NHS. PCS regular advises practices on the steps required to pursue getting a lease in place and to advise on appropriate lease terms before a solicitor then drafts the lease.
Valuations
When partners leave or join the partnership, valuations are often required to provide the capital value (the value of the freehold) of surgery premises. The valuation will take into account the location, specification and quality of the premises having regard to the notional rent (as well as any other rental income) and the likelihood of this rent increasing when next reviewed.
Development
Many premises are old and coming towards the end of their useful life for medical purposes. Many premises are too small to meet the needs of the growing patient list.
PCS regularly advises practices on relocation options and how to progress the development process. This can involve engagement with residential developers where there sometimes being obligations for there to be a medical centre provided within large scale housing schemes (possibly by way of a s106 obligation).
Investment
We sometimes find, as a result of undertaking a valuation of the property, that incoming partners are not keen to buy into the property and retiring partners are not keen to sell the property. This can result in there being a separation between the practice and property ownership which needs to then be documented by way of a lease. Once the lease is in place, the property can be sold as a property investment proposition.
Let's Talk About Your Premises
Call us to discuss how we can support your practice’s property needs