In forfeit of commercial lease

contrarymary72

Thank you for all your replies.
I do intend to execute the break clause, so I will see how that impacts someone else taking it on.
I did pay for legal advice and the solicitor did manage to negotiate certain parts of the lease more favourably for me. I also knew I was personal guarantee.
Unpaid rent is not my major concern, as I have been assured by the Business Debtline that this is a non priority debt. The business rates are my major concern, so I need to try and find someone before the empty premises 3 month respite comes to an end.
It is in the centre of a market town with very few empty shops and a university very close by. So fingers crossed. I had it changed from A1 to A3 so it can be used for either.
I'll update you of my progress.
Thank you.

bris

contrarymary72 wrote: »

I do intend to execute the break clause, so I will see how that impacts someone else taking it on.

In that case you are sub letting, as long as the lease allows for it. It has nothing to do with the council and you are still liable for it.


It also means you can only sub let until the break clause, this can cause problems as it might not be enough time for the new tenant to cover their investment. There is also no guarantee the council will approve the new tenant for a new lease.


If you want rid of it you need to find someone the council will approve of to take out a new lease with the council, this get's you out of the liability.

lincroft1710

contrarymary72 wrote: »

Unpaid rent is not my major concern, as I have been assured by the Business Debtline that this is a non priority debt. The business rates are my major concern, so I need to try and find someone before the empty premises 3 month respite comes to an end.

Whether a priority debt or not, it is still a debt. Is this covered by your personal debt management plan.

MEM62

LiamHyde wrote: »

The longer you have it the more debt you are running up. The whole point of a ltd co is to protect yourself from this, going guarantor was madness.

Not really, the OP had no choice in terms of the guarantee - other than not run a business. If there is any madness it is in the fact that the lease was 9+ years.

edvinasn

Hi can anyone suggest not expensive good Commercial Lease Assignment solicitors?

phill99

edvinasn wrote: »

Hi can anyone suggest not expensive good Commercial Lease Assignment solicitors?

So you want GOOD and CHEAP?


So which one do you really want?


Remember: Skilled Labour isn't cheap, cheap labour isn't skilled.

Davy_Jones_II

I think that we use Linklaters, you could give them a try.

00ec25

Davy_Jones_II wrote: »

I think that we use Linklaters, you could give them a try.

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl: and ask for a pro bono intern to do the work

https://www.prospects.ac.uk/jobs-and-work-experience/job-sectors/law-sector/top-uk-law-firms

edvinasn wrote: »

Hi can anyone suggest not expensive good Commercial Lease Assignment solicitors?