Looking for some information on commercial leases in the following scenario.
X holds a commercial lease spanning 15 years with four years remaining.
X is entitled to receive a new lease when the current lease expires under current law governing this area.
X wishes to sell his business now and assign the lease to a new owner Y.
Y is concerned that only four years remains on the lease and wonders what his position will be when he seeks to renew the lease in four years time.
Does anyone here have expertise in this area ?
Can X transfer his rights of renewal to Y through a deed.
If not, how is this issue normally handled ?
Many thanks
X holds a commercial lease spanning 15 years with four years remaining.
X is entitled to receive a new lease when the current lease expires under current law governing this area.
X wishes to sell his business now and assign the lease to a new owner Y.
Y is concerned that only four years remains on the lease and wonders what his position will be when he seeks to renew the lease in four years time.
Does anyone here have expertise in this area ?
Can X transfer his rights of renewal to Y through a deed.
If not, how is this issue normally handled ?
Many thanks