Conor In Dub
Registered User
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- 12
Say you're buying a business from an existing owner and there's only 3 years left on the lease. Now after the 3 years you've built this business up and things are going great .... but the lease is up. Isnt there a chance the building owner can just turf you out legally?
Also, if - say - a new 20 year lease is offered by the building owner when the 5 year one is up (or a 5 year, or whatever); does the business owner have to pay a premium for this or does he simply continue with the rent payments?
Sorry MichaelBurke I don't think you're correct...
A tenant has quite strong rights and entitlements at the end of a lease and the landlord cannot simply move them on by not offering a new lease.
Surely it depends on the term of the original lease to establish whether the OP has a right to call for a new lease and on what terms. Get legal advice!
I thought it was illegal for a landlord to ask for key money for a new lease.
The amount of time left on the lease is immaterial eg if the person from whom you are buying the business/lease has 5 years or more of continous occupation then he or you are statutorily entitled to a new lease.
But does the existing leaseholder have 5+ years continuous business occupation?Im not entitled to Business equity as I dont have 5 years continuous occupation as a business user. I dont own the business yet.
But does the existing leaseholder have 5+ years continuous business occupation?
Is the existing lease greater than 5 years. If it is you may have rights for an automatic extension. If only for 5 years, the likelihood is the landlord will want to vacate the property.
When did the existing tenant start his business in the premises?
Did he continue a lease from someone else?
Yeah because the business equity is determined by the length of time in occupation by the tenant and his predecessors not just the present business owner/leaseholder.Does it matter if it was a continued lease?
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