I'm posing this for a couple who inherited a business property unit lease from parents about 25 years ago which has been in place for approx 50 years. The rent has been maintained at a modest rate and was increased at intervals based on a court order from about 20 years ago. The couple have no other income. The property has been sold a few times and the new owners intend to improve the building - retail unit spaces, Health & Safety standards e.g. bathroom facilities etc. which weren't previously provided.
I realise that legal advice will be needed but I'm just thinking about options for the current tenants. I assume they will need to be relocated during renovations. What are the implications if tenants decides to sublet the unit to a family member? How are they impacted if refurbishments involve changing the space being rented? If the tenant is willing to end the lease rather than take on the hassle, how might compensation be calculated? Any other considerations appreciated
Thanks in advance.
I realise that legal advice will be needed but I'm just thinking about options for the current tenants. I assume they will need to be relocated during renovations. What are the implications if tenants decides to sublet the unit to a family member? How are they impacted if refurbishments involve changing the space being rented? If the tenant is willing to end the lease rather than take on the hassle, how might compensation be calculated? Any other considerations appreciated
Thanks in advance.
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