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Stuart J
Stuart J, Solicitor
Category: UK Property Law
Satisfied Customers: 19931
Experience:  PGD Law. 20 years legal profession, 6 as partner in High Street practice
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I am just about to enter into a 15 year lease alongside a business

Resolved Question:

I am just about to enter into a 15 year lease alongside a business purchase. The sale agreement says we are buying the property for a pound subject to the terms of the lease. Is this normal? Does it mean we have all the risk an owner has without the reward of actual ownership?
Submitted: 10 months ago.
Category: UK Property Law
Expert:  Stuart J replied 10 months ago.

Does the salary of the business had the landlord's consent to sign the lease to you?

Have you seen the existing lease?

How much are you paying for this?

are you getting a 15 year lease or the balance of what is left on a 15 year lease ?

can we have as much background detail as possible please? Thank you

Customer: replied 10 months ago.

The lease has been newly created alongside the sale agreement. It is a dental business, with the seller as owner of the building (he has no mortgage on it nor does he pay any rent). He is retiring. The lease is referred to in the sale agreement. The annual rental is £30,000

 

Expert:  Stuart J replied 10 months ago.


There is nothing unusual in what you are doing although you will
not own the building, you are simply renting it from him for the next 15 years.

You need to get a solicitor to look at the lease particularly
with regard to the repairing covenants and the right to ring you in 15 years
time.



In the least says that it is contracting out of the 1954 landlord
and tenant act then you have no statutory right to renew in 15 years and you
may be faced with finding or the premises.



In effect, you are absolutely right it means that you have the
risks of an owner without the reward of actual ownership although you can
actually sell the balance of the lease if ever you sell the business.



Does that answer the question? Can I answer any specific points?

Stuart J, Solicitor
Category: UK Property Law
Satisfied Customers: 19931
Experience: PGD Law. 20 years legal profession, 6 as partner in High Street practice
Stuart J and 4 other UK Property Law Specialists are ready to help you

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