Commercial Premises Lease

[SmallBizSoftware]

Can anyone give me some advice please.

A friend has a commercial lease on a retail unit that they no longer need as trade has not met their business plan and they want to wind up the business. They have a commercial lease that still has a few years to run but do not want to continue to pay rent.

What are the options? Do they have to sell it or pay to surrender it back to the freeholder? Can it be given away if someone is looking for a shop and agrees to take on the lease?

Sorry if this is a doughnut question, I am virtual so have no experience fo commercial property

thanks

 

[Jayne]

Hi,

Your friend can sell the lease, but I don't think he will sell it without a business to offer. He can sign over a lease if he finds someone for the shop. He can ask the landlord to end it without further payment, if he said no, he would have to pay the landlord his rent until the lease ran out.

Hope this helps!

Jayne

 

[SmallBizSoftware]

He can sign over a lease if he finds someone for the shop.

Know of anyone who offers a service matching leaseholders wanting to offload with those looking for a lease ... other than an 'orrible estate agent?

 

[Jayne]

Many will take over a lease. We swapped our first lease over to a young lad starting out, we only charged for the equipment. Advertise on free classified (vacant shop, in xxxxxx. Was used for xxxxx lease avaiable to sign over) or something like that, see if you get some replies. Maybe let them buy the remaining stock. Many people want to start in business but cannot aford to, so you may get some interest.

Best Wishes

Jayne

 

[grunniwig]

We have a commercial lease that has another two and a half years to run until the next break clause. We were in the process of selling the business due to ill health when the last break clause came up so missed the opportunity to exit the lease clear and free. The sale of the business fell through but we have found another buyer. That said, there is still a risk this will not complete as the Landlord is being difficult over references for the buyer. If this sale falls through too we will have to wind up the business as we cannot carry on due to failing health. How do we get out of this lease at the lowest possible costs????

 

[cascas]

HI all in trying to buy a commercial property for the first time and need some help with lease, and leaseholds I know if I buy with free hold its all mine, and with a lease it wont be mine when the lease runs out. But that’s about it.
What’s the difference between lease, and leasehold, can I get a new lease and who from if I buy some were with a short lease.

Hope so as I have found were just right for a good price but there is a lease just until 2010 just 2 years. Any advice will be greatly appreciated.

 

[Identity]

My friends have a commercial lease where they are liable for repairs and upkeep of the building. When I looked at the property I noticed that the gas meter was disconnected. Further investigations showed that because the premises had been empty for some time the gas had been disconnected in the road.They have since had an expensive estimate for resupply. The landlord did not know that the gas was disconnected. Is it his responsibility to sort this out, or does it depend on the tennancy agreement.

 

[patsonrobigno]

Hi everyone.

Can someone email me a standard commercial property lease with or without service charge please?

Patson

 

[Chester11]

Commercial premises are proven to provide better returns in the long run as these premises are a great way to invest your hard-earned money in real estate market. So, if you would like to have a opinion from my side then all i would like to suggest is to have a thorough check of the property details and then purchase it.

 

[Dave Kinnel]

Be aware that if you assign the lease and the new tenant defaults the landlord can seek the rent back/losses from you (the original lease holder). It is possible to have a clause entered to avoid this on assignment, but very rare as it's not in the Landlords interest.

The best way to get a clean break is via an "operation of law surrender" this generally costs nothing and basically you hand the keys back to the landlord and walk away, the landlord has to agree to this though, you can't just chuck the keys at them and say "bye bye"!

 

[QuickHomeBuyers]

Be aware that if you assign the lease and the new tenant defaults the landlord can seek the rent back/losses from you (the original lease holder). It is possible to have a clause entered to avoid this on assignment, but very rare as it's not in the Landlords interest.

The best way to get a clean break is via an "operation of law surrender" this generally costs nothing and basically you hand the keys back to the landlord and walk away, the landlord has to agree to this though, you can't just chuck the keys at them and say "bye bye"!

Please check the date before posting, its past is reply-by-date.