Dec
06
I need to get out of a commercial lease that still has 14 years left to run. I have no get out clauses?
By
The lease seems water tight so I have just stopped paying. What will happen to me will I loose everything my house etc. I was very badly advised by my conveyancing agent. She never suggested a get out clause or even putting it in my limited company name, what would be the chances of sueing her company as I only have my word.
Quick Property Sale
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1 Comments
May 1st, 2009 at 6:22 pm
You could be royaly screwed here. And why in the h**l would you sign such a long lease? They could take you to court and hold you liable for the rest of the 14 years worth of payments. Unless there is some law in your state saying a lease cannot be for more than x amount of years or the Judge grants you some sort of lieniency due to the lenght of the lease. Most commercial leases I’ve seen go no more than 5 years. You can write the company a letter stating your situation and see if their is any compasion…but it’s a long shot. I wouldn’t just stop paying as this could really ruin your credit. If your credits already bad then you have nothing to lose. You can also look into filing bankrupcy, that might get you out of the contract and the financial liability but seriously affect your credit. If I were you I would seek leagal council, talk to friends or neighbors and get a referal for a good lawyer try not to pick one out of the phone book if you can. Good luck their buddy, you need it.