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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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my lease on my hair salon ran out 5 years ago,since then i

Resolved Question:

my lease on my hair salon ran out 5 years ago,since then i have carried on just paying my monthly rent by direct debit. i now because of ill heath wish to leave and go mobile part time, im i ok to give the landlord 3 months notice which was in the original lease? also can i sell the shop name even if i have no lease?
Submitted: 2 years ago.
Category: UK Property Law
Expert:  Thomas replied 2 years ago.
Hi,
Would you be selling the name on its own to a person who. woyld use it at some other location?

Tom
Customer: replied 2 years ago.
i do not know yet,just a client mentioned it would be sad to leave without gaining anything from 8 years hard work .the selling of the name was just a thought
Expert:  Thomas replied 2 years ago.
Hi,


Thanks for your reply.
If your lease has expired then you have effectively been holding the lease over since then. This means that the lease continues on substantially the same terms as before, except that you are not bound by the fixed term.
So basically if there was a three month termination clause in the lease and you paid your rent quarterely then you would be absolutely fine to now serve the notice on the landlord with a view to vacating once the notice period has expired. You should check for any conditions on the notice (eg. On service) in your original lease and comply with these so far as you are able now the term has expired.
The landlord will have to accept the lease and you would not be liable for further rents.

You can transfer the goodwill in the business (including the use of the name, contacts books etc) by selling it to another for a fee. You would ideally execute an Assignment of Goodwill stating that this is transferred to the buyer for the price that they are wiling to pay. There will be online docment providers from whom you can purchase a template and draft for your purposes.

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Kind regards,


Tom
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6261
Experience: BA (Hons), PgDip, Practising Solicitor
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