UK Property Law
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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
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
There is nothing unusual in what you are doing although you willnot 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 particularlywith regard to the repairing covenants and the right to ring you in 15 yearstime.
In the least says that it is contracting out of the 1954 landlordand tenant act then you have no statutory right to renew in 15 years and youmay be faced with finding or the premises.
In effect, you are absolutely right it means that you have therisks of an owner without the reward of actual ownership although you canactually sell the balance of the lease if ever you sell the business.
Does that answer the question? Can I answer any specific points?