1. Welcome to UKBF! Check out our FAQ guide.

Verbal agreement, is it binding ?

Discussion in 'Legal' started by jw2082, Jan 8, 2008.

  1. jw2082

    jw2082 UKBF Regular Free Member

    Posts: 6 Likes: 0
    Hi

    Can anyone tell me whether a verbal agreement is binding, here is the situation.

    We owned a building that we traded from for x number of years, to free up capital we decided to sell the property and lease back a proportion of it.

    However the new owners were very slow in producing the lease(building sold September 2006 and the lease was ready December 2007)

    Since this time we have decided that the business was no longer viable so wish to move on.

    As no lease was signed, we wish to give a months notice.

    is this legal or can we be held to the terms of the proposed lease.
  2. INDIZINE

    INDIZINE Banned

    Posts: 2,321 Likes: 169
    You didnt sign the lease so there is no contract to hold you to. Ive got a proposed lease that Ive said I want to take but until I sign it there is no contract between us, as I am still deciding.
  3. Antonia @limeone.com

    Antonia @limeone.com UKBF Regular Free Member

    Posts: 1,765 Likes: 141
    From your posting however it appears you have occupied the premises and presumably paid rent in accordance with some form of agreement? One to take legal advice on before making assumptions you have not entered into ANY agreement. However unless the lease was signed the Landlord will have more worries than you!
  4. jw2082

    jw2082 UKBF Regular Free Member

    Posts: 6 Likes: 0
    yes we have been paying rent as agreed, i think speaking to a solicitor is the best bet.

    thanks guys
  5. Guest

    Posts: 0 Likes: 0
    The original question was -

    Is a verbal agreement legally binding.

    My understanding is that it is, however proving it may be difficult.
  6. Guest

    Posts: 0 Likes: 0
    Correct, legally binding, but in reality unenforceable.
  7. myway1955

    myway1955 UKBF Newcomer Free Member

    Posts: 1 Likes: 0
    Hopefully tou can answer my concerns. I work as an independent manager over seeing a number of properties as a property manager. The owner had made me a offer that if I came on board I would be "Set for Life" Now I feel that after almost 3 years she is getting ready to let me go. She has been very abusive with me over the past number of weeks after I found a long time employee stealing from the company after her termination. I was told that I should have been awhere of what she was doing. Over seeing her long term responsibilties where not to be part of my position. Due I have a leg to stand on if she terminates me. The company pays my LLC with no tax deductions.