Selling business - lease question

[Dollie]

I am selling my small cafe and have two years still to run with my lease. My landlord currently charges me �250 rent per month, but has told my buyers they must pay �300. This may mean I might lose the sale as my buyers haven't budgeted for this increase on what I told them it would be. Surely if I am selling my lease on along with the business, the rent still stands at �250 for the length remaining on the lease? There is no clause in lease (which is very basic and typed up by himself) to suggest that if I sell th business I can't sell on the lease too. TIA

[jack daniels]

Hi Dollie Bit of a bad situation to be in to be honest. you would be selling the remainder of the lease on with your property, as well as the goodwill but many people would be worried as to if the lease would be renewed when it ended (went through this myself) If possible, could you get an increase on the lease yourself & then put it up for sale (it would act as security for prospective buyers) Even if you got a verbal agreement from your landlord that he would issue a new lease when the time came - Boll**ks that he would! (if he was anything like ours) There is usually a period of time (3 years, 5 years) or whatever your agreement/terms are with your landlord for a rent review but there's nothing stopping him increasing it with a new buyer -you need to read the small print. Hope this helps

[themas]

The normal arrangement with a commercial lease is that the seller (you) assigns the unexpired term of the lease to the buyer, but with the landlord's consent, which must not be unreasonably withheld. However, to some extent this depends on the actual wording of the lease. If the lease does not include anything about assignment then statutory provisions about implied terms come into play and you might need a solicitor's advice.

From what you say, it seems the landlord will only consent to the assignment if the buyer agrees to a rent increase. In my view this is unreasonable as rent reviews should only take place at the intervals set out in the lease. If the landlord can't be persuaded to change his mind a solicitor may change it for him!

When your present lease ends there will have to be a rent review related to granting a new lease. In most cases the landlord's freedom in relation to the amount of the rent and whether or not to grant a new lease is restricted by legislation, & your buyers might then need legal advice if the landlord becomes difficult.

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