Apr
22
Can anyone advise on this situation please? We are thinking of taking a lease on a shop for 3 years?
By
The lease has been drawn up by a solicitor. The present owners of the shop (the ones that are going to sign the lease with) mentioned that in a month or so they may want to sell up. There is already interest from others in buying the shop. If we have signed a lease and someone buys the shop can they kick us out if they want to open and run their own business or does the lease cover us for this
Repossession
Related articles:
- I’m thinking of starting a restaurant in a food court.is it worthwhile to buy a shop or lease it? I’m getting a good deal on a 333 sq ft place? what kinda operational capital is required apart from the cost of the shop? The lease is a minimum...
- Want to close my shop, can pay all creditors. But lease contract goes another 2 years. Liquidation avoidable? I run a shop but must close. I have enough money to pay all creditors. Only the lease contract with my landlord goes on for another 2 years. No...
- I have singned a lease with a local mall for 5 years for 1400 sqft shop. How can I cancel this lease? I am not doing good business and pay the rents from my own pocket and not event getting any salary. I tried my best to make this business sucessful...
- Taking over a shop, do I have to keep an existing member of staff employed? I’m taking a lease from a woman when she leaves, i’m going to be selling the same or very similar items that she does, i’m going to call the...
- I leased an ice cream shop and it flopped, now I have to break the lease? I have had this open for a month. the weather here has been unseasonably cold. Business is bad enough that it is actually costing me money to have it...
3 Comments
April 24th, 2010 at 5:27 pm
NOT if your lease does not include an automatic buy out clause/right
of your lease by a new property buyer.
If you get a 1 yr lease +++, you are safe for that period of time.
April 24th, 2010 at 7:50 pm
read all the small print do not be afraid of changing anything you do not like or does not suit
for instance capping the rent to inflation rates –you may want that
and you may want just to give a months notice if things are not going well –not be tied in for ages
April 25th, 2010 at 3:04 am
Your Solicitor will tell you for sure, but as far as I am aware (I had a business lease) you are safe for the next 3 years. Think though, is it worth it If you make a complete success of your business in 3 years you might have to look for new premises. That will mean your customers moving with you and change of address of everything.