|Introduction: The Rent Reletting family has functions that calculate the rent of a main lease, just like the Rent From and Rent To families, and then keeps reletting after the ØExpiryOrBreakØ of the main lease. The way the rent reletting functions work is:|
The main functions of this group are the rental functions, which are:
- The main lease is calculated just as in the corresponding single lease rent function, for example the main lease of FStepRentGrowR is simply a FStepRentGrow.
- After a void period of ØReletVoidØ months where no rent is received, the property is assumed relet.
- Rent commences after a further ØReletRFØ months, the rent be determined as the market rent at the commencement of this second lease (without any RevDisc applied).
- The first rent review of the second lease occurs ØReviewMonthsØ after the commencement of the second lease, and market rent reviews continue at intervals of ØReviewMonthsØ, to the market rent, less any RevDisc applied.
- The second lease expires after ØReletTermØ years after the commencement of the second lease, then a ØReletVoidØ is applied, then a third lease commences, and so on.
For modelling properties that relet, you will probably want to calculate void costs, refitting costs and fees. It may be that we will include something specific in the future on this, but for now there plenty of general purpose functions in the library that can help: