Property Lease Bombs
Do you have a copy of your lease or do you know where it is?
When does your lease expire?
When is the next rent review date?
If you don’t know:
- - you are in the majority,
- - you will miss deadlines allowing you to renew your lease,
- - you will miss opportunities to renegotiate the terms
- - you may have to relocate your premises
Planning on selling your outlet?
Are you sure your Landlord will let you?
You didn’t know that he could prevent you?
The assignment provisions can make it difficult or expensive (£££) for you to sell your outlet.
Did you know that you, like the majority of tenants, are personally financially liable if the person you sell your outlet to defaults on their lease? No? ……….Don’t feel bad you are in the majority.
And now for some good news!
If your property is damaged by fire or flood it’s likely you won’t have to pay rent until it’s usable again. Your landlord should have insurance for loss in rent for 2-3 years.
BUT what are you going to do whilst the landlord decides if he is going to rebuild and whilst it’s being rebuilt? That could be 2 – 3 years.
Your property lease could be one of the most important documents that you have signed.
You must understand where the BOMBS are before you can do anything about them. Make sure you understand it.