G
Guy-Brush
- Original Poster
- #1
Hello. I would appreciate some advice on my situation. I opened up a shop last summer and although things started strongly, it's bombed big-time (apart from Christmas time which was great) and week to week I barely have enough to live on. I am on housing benefit, working tax credit etc to get by, way off being able to afford to employ anybody to have a holiday etc etc (not looking for sympathy here honest!). The lease was taken out in my personal name, on my own with no guarantor. I have no assets or savings.
I signed a 5 year lease with a 2 year break point (@ May 2018). I won't be able to continue up to the break point and frankly I wouldn't want to because it's clear the business is unsustainable. I can struggle on until the 1 year point that's it.
I wrote to the landlord back in November outlining my concerns and we agreed that I could re-assign. I had a few people lined up privately but they all pulled out.
So my questions are:
Am I able to start winding up the business now, sell off my stock, and hand the keys back to the landlord in May? One complication is that I will forfeit the break clause by not paying rent up to the break point, meaning I become liable for the entire 5 years on paper! Bad situation worse, so to speak.
I'm happy to write to him now saying I'm going to hand him the keys on 31 May unless he agrees to surrender the lease. Or should I just walk away?
The rent is £6k per year + VAT in a big city so pretty small fry. Is he likely to come after me if I jump? I plan to travel and work abroad next - NOT because of my 'debts'*, simply a long term plan I've had which I might as well do now this has gone t*ts up. What is he likely to do? Nothing until 2021 and then pursue me for the full 5 year's worth of rent I haven't made use of?!
I should point out that he doesn't have my current address (let alone my next one) and I am leaving the premises in FAR better condition in which I found it - nicely decorated, clean and empty. Again, I'm happy to tell him I'm off but I simply can't stick it until 2018, there's no money.
*I call it 'debts' because I haven't run away from thousands of pounds worth of credit card spending. I've simply signed a piece of paper which I can no longer afford.
I signed a 5 year lease with a 2 year break point (@ May 2018). I won't be able to continue up to the break point and frankly I wouldn't want to because it's clear the business is unsustainable. I can struggle on until the 1 year point that's it.
I wrote to the landlord back in November outlining my concerns and we agreed that I could re-assign. I had a few people lined up privately but they all pulled out.
So my questions are:
Am I able to start winding up the business now, sell off my stock, and hand the keys back to the landlord in May? One complication is that I will forfeit the break clause by not paying rent up to the break point, meaning I become liable for the entire 5 years on paper! Bad situation worse, so to speak.
I'm happy to write to him now saying I'm going to hand him the keys on 31 May unless he agrees to surrender the lease. Or should I just walk away?
The rent is £6k per year + VAT in a big city so pretty small fry. Is he likely to come after me if I jump? I plan to travel and work abroad next - NOT because of my 'debts'*, simply a long term plan I've had which I might as well do now this has gone t*ts up. What is he likely to do? Nothing until 2021 and then pursue me for the full 5 year's worth of rent I haven't made use of?!
I should point out that he doesn't have my current address (let alone my next one) and I am leaving the premises in FAR better condition in which I found it - nicely decorated, clean and empty. Again, I'm happy to tell him I'm off but I simply can't stick it until 2018, there's no money.
*I call it 'debts' because I haven't run away from thousands of pounds worth of credit card spending. I've simply signed a piece of paper which I can no longer afford.
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