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Im in the process of taking over a lease on a business and…

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Hi,Im in the process of...
Hi,Im in the process of taking over a lease on a business and was looking to ask some basic questions about proceeding forward with it.The business is Let to the current tenant through their landlord who uses an agent to deal with his property's, we wish to transfer the business into my name so i can become the sole tenant.The shop still has a stock holding and we have written up our own agreement to cover me paying this cost plus goodwill to them over an agreeable time frame for both parties. This document will be witnessed by no less than 4 witnesses.We are going to put my name on the lease as a partner and then the current owners will step down. I will then continue payments until goodwill and costs are fully covered and at this point take over full responsibility's for the business.The adjustment of the lease will be dealt with through the Landlords agent.But my question is, is a document that we have written together and had witnessed enforceable in law? Not that either parties will need to take anything to court. but for our peace of mind would this be considered a legal document if both parties agree and sign it before witnesses?Thank you very much for your time.Best regards
Submitted: 8 months ago.Category: Landlord-Tenant
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Answered in 11 hours by:
8/2/2017
Lawyer: Van, Retired Judge replied 8 months ago
Van
Van, Retired Judge
Category: Landlord-Tenant
Satisfied Customers: 95
Experience: Criminal Court Judge
Verified

Welcome to JustAnswer! My name is ***** ***** I would love to assist you. I have a few questions. Have you spoken with the agent who owns the building? Did either of you meet with an attorney to draw up the agreement between you and the current owner or did you two create the document without the assistance of any lawyers?

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Customer reply replied 8 months ago
We are waiting to hear fro the Landlord so as to find out if the current tenant has a break clause or will allow us to transfer the lease to me. I understand that in this case the previous tenant may be required to be a guarantor for the duration of their lease before the Landlord then offers me my own.In regards ***** ***** agreement between me and the current tenant with no legal help. We have written up the document covering what will happen and how, along with who is responsible for what etc etc. This will be signed and witnessed for our own peace of mind.We all know each other and do not expect anything to go wrong, the document is there for reassurances really. We asked a notary and a solicitor for assistance initially simply to witness us signing the document but thyey tried to charge us £2500 and we are simply unwilling to pay such ridiculous costs. I won custody of my son for less, and im a guy...
Lawyer: Van, Retired Judge replied 8 months ago

Based on the information you have provided I see no reason why the written contract signed by both parties and witnessed by someone would not hold up in court if necessary. By the way, try to take your contract to the bank where you do your banking, most banks have notaries on staff and usually don't charge banking customers. My biggest concern was whether the landlord would allow you to take over the lease, but it appears that you have a back up plan that looks good. Please let me know if you have any other questions.

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Lawyer: Van, Retired Judge replied 8 months ago

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Lawyer: Van, Retired Judge replied 8 months ago

Hi, I'm just following up to see if you were satisfied with my response. Please let me know if there is anything else I can do for you. If you were satisfied with my response, please rate my service. Have a great day.

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Van
Van, Retired Judge
Category: Landlord-Tenant
Satisfied Customers: 95
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Experience: Criminal Court Judge

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