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Tenant rights
UFO_8
Posts: 10 Forumite
Sorry if this is on the wrong forum, mods feel free to move it.
I hope someone can help with my sleepless nights:
I, with a business partner run our business from a shared building. These are part owned by my business partner, and part owned by the owner of a neighbouring business.
My partner is retiring, and despite the accommodation being in a poor state of repair I offered to pay the market value to my partner who wishes to sell, for the security of the business. Unfortunately to avoid any legal wranglings, he has instead decided to sell his half of the building to the other existing owner.
My business does not have a lease argeement or anything in writing in regards the building. The rent has simply been paid monthly to my partner. The business has rented the building for around 10 years.
I am worried that once the neighbouring business owner owns the entire building that he will want me out.
So do I have any rights as a sitting tenant?
Any advice or being pointed in the right direction would be greatly appreciated. I know the solution would be to move elswhere, but that may take 6-9 months to find an appropriate building and customise it to our needs.
I hope someone can help with my sleepless nights:
I, with a business partner run our business from a shared building. These are part owned by my business partner, and part owned by the owner of a neighbouring business.
My partner is retiring, and despite the accommodation being in a poor state of repair I offered to pay the market value to my partner who wishes to sell, for the security of the business. Unfortunately to avoid any legal wranglings, he has instead decided to sell his half of the building to the other existing owner.
My business does not have a lease argeement or anything in writing in regards the building. The rent has simply been paid monthly to my partner. The business has rented the building for around 10 years.
I am worried that once the neighbouring business owner owns the entire building that he will want me out.
So do I have any rights as a sitting tenant?
Any advice or being pointed in the right direction would be greatly appreciated. I know the solution would be to move elswhere, but that may take 6-9 months to find an appropriate building and customise it to our needs.
0
Comments
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Yes and no.
The business is a sitting tennant, but as one partner in the business is leaving it gets messy.
Your best bet, instead of worrying, is to speak to your business partner and the neighbour he is selling his half to.
As it stands, I doubt the neighbour is buying the other half so he can sell it to developers or similar, certainly not in the current market. In fact, most likely he's counting on you paying the rent!Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
Sorry I forgot to say we run similar businesses, so it would be in my neighbour's interest to force me out.0
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