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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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commercial leases what are my option to end my early

Resolved Question:

commercial leases what are my option to end my early
Submitted: 1 year ago.
Category: UK Property Law
Expert:  Thomas replied 1 year ago.
Hi,

Are you the landlord or the tenant?

When does the fixed term of the lease expire?

Is there a break clause in the lease?

Tom
Customer: replied 1 year ago.

tenant


2022


no


 

Expert:  Thomas replied 1 year ago.
Hi

Thanks for your patience.

You only have two options.

The first is to assign or sublet the Lease. You lease will contain a clause which deals with this. You need to look this up. It should say that you are permitted to assign or sublet the lease but only under certain conditions.

It will likely require the landlords consent which is not to be unreasonably withheld or delayed and also require you to execute an authorised guarantee agreement when you assign the lease. This means that you effectively guarantee the performance of the tenant covenants by tenant that you sell the lease to. If they default then the landlord can come after you, though you would be able to take the lease back and assign it to another tenant.

If there is a clause in your lease (there really should be) then you can find another tenant and assign the lease to them by each instructing solicitors to affect the assignment.

If you cannot find someone to sell the lease to then you can attempt to negotiate a surrender of the lease with the landlord. This is where you both agree that the lease is terminated. They are under no obligation to consider or do this but sometimes will occasionally subject to a negotiated fee.

If you cannot do either of these things then you are stuck. You could hand back the keys, but then the landlord would sue you for the rent, his expenses, damages, legal fees and interest. They would be successful too unfortunately.


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Kind regards,


Tom
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6511
Experience: BA (Hons), PgDip, Practising Solicitor
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