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Thomas
Thomas, Lawyer
Category: UK Property Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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I wish to exit my office tenancy without delay. Assuming (as

Resolved Question:

I wish to exit my office tenancy without delay. Assuming (as seems likely) that I will be unsuccessful in finding anyone to assign the tenancy to, what are my options? I understand there may be a legal protocol whereby I can 'buy out' the tenancy by less than the full amount owing (for the reason that once I'm out, the landlord can re-lease the office and be 'ahead' in terms of expected earnings from my office). Does it work like this: total rent due over 2 years £20k - buy-out cost of £10k (giving the landlord the equivalent of 12 months' rent up front), giving the landlord a cash flow benefit and the opportunity to re-lease the office straight away?

Thanks

Tim
Submitted: 3 years ago.
Category: UK Property Law
Expert:  Thomas replied 3 years ago.
Hi,

Thanks for your question.

You are talking about a Surrender of tenancy/lease. This is where you and the landlord mutually agree to terminate the lease. In the circumstances it would seem that the landlord will ask for a fee in consideration for his agreement to surrender because he could keep you there are sue you for the rent in any event.

There is not set formula for determining what is a reasonable price to obtain his agreement for surrender. It is entirely a matter to negotiate and I certainly would not start at offering him 12 months. Start by taking his initial thoughts on whether he would in principle agree to a surrender for a fee.

If so, you can take it from there. In the end suing someone is only worth it if they have assets so when you are getting to the upper limit of what you are prepared to accept and are getting no traction you can leverage that you have no assets to enforce any judgement against coupled with the fact that the practical reality of suing you would involved some administrative legwork from him.

Be firm, but constructive and be prepared for some back and forth. Keep emphasising the opportunity to earn double rent. If you can get friendly with an estate agent who could offer an “optimistic” timescale for reletting the property then put the landlord in touch with him.

Once agreed, ideally you would ask a local solicitor to draw up a deed of surrender for you. It would only be a £200.00 + Vat or so. There may be an online document available for download from one of the commercial document suppliers.

You would both need to execute two copies and retain one each

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Kind regards,


Tom

Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6260
Experience: BA (Hons), PgDip, Practising Solicitor
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