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Yielding up, anyone heard of it?
Comments
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Wish you had said that at the start, I know nothing about commercial leases so don't take any notice of my previous answer!
That's what one of the agents said when viewing but I cannot see anything on the documentation. I was assuming that maybe the difference is just the 145 years as opposed to a 999 years. It's very difficult to get information from the agents so I got the copy of lease from an existing tenant. (who is selling)0 -
Commercial leases are very different to residential. They are much more about what is written in the contract.
In a long residential lease, you have statutory rights to extend the lease for a sum that is pretty nominal (subject to various conditions).0 -
princeofpounds wrote: »Commercial leases are very different to residential. They are much more about what is written in the contract.
In a long residential lease, you have statutory rights to extend the lease for a sum that is pretty nominal (subject to various conditions).
Thanks for clarification that there are different lease types. So I do need to find the part that says the lease is renewable and I have not seen it yet.0 -
So I do need to find the part that says the lease is renewable and I have not seen it yet.
Exactly. It probably isn't, actually. But when people thought you were talking about a residential property the assumption would have been that it was renewable, even if not explicitly mentioned in the contract.0 -
princeofpounds wrote: »Exactly. It probably isn't, actually. But when people thought you were talking about a residential property the assumption would have been that it was renewable, even if not explicitly mentioned in the contract.
Thanks, must admit I just assumed it would be residential until one of the agents mentioned otherwise when I queried why they were not selling. There is nothing in the lease that indicates the lease type and nothing to suggest it's renewable. I have asked for clarification before instructing a solicitor and if in doubt I will back out.0
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