Non paying tennant

[ducker]

As the title says, long term tenant but last 2 years got behind with the rent
A 3000 sq ft industrial unit.
Given him plenty of time had a chat planed a recovery time and payments, it hasn't happened over the last 6 months it's got slightly worse 6 to 7 k behind.
Has a full workshop but most is customer owned vehicles,
Not much value of there own stock.
If he walks I end up witha big mess of his customer vehicles.
Basically it's bad management,
Any advice on my best option out of this.

 

[WaveJumper]

What does the lease say about this. Unfortunately I feel the likely outcome here is you will be taking back the unit as it does not sound like he has a going concern.

 

[Bobbo]

What is "6 to 7 k" in the context of the annual rent? Are we talking two months rent, six months, a year?

 

[Paul Kelly ICHYB]

Whatever you do, do it quickly and legally.

the longer you wait, the greater the cost.

 

[Lisa Thomas]

Happy to recommend a solicitor for you to issue notice to take back the premises. Yes you might be left with a unit to clear, but cheaper than having a non paying tenant... If they ultimate go through an insolvency procedure you'll be left to pick up the pieces anyway, I'm afraid.

 

[bodgitt&scarperLTD]

If they are customer vehicles I'd imagine the customers would make arrangements to collect them if he does walk. They'll be disgruntled, sure, but that's not your problem. Do it soon before he gets even deeper in debt.

 

[eteb3]

Dunno if this is any use, but it’s on topic

Insolvent Tenant – The Landlord’s view - Reading solicitors, corporate, property and family advice | Field Seymour Parkes

Following a period of increasing delays in tendering rent my corporate tenant has now defaulted...

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