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landlord is in ill health and is selling the property we run our business from, we cant afford to buy it.
so basically we need to know if our new landlords can throw us out or do they have to honour our lease?
generally speaking if you have a "proper" lease, then the landlord must honour the original term. However, it depends on your lease.
1) Does it have a fixed term with a termination date?
2) Are their any break clauses to the benefit of the landlord in the term (not usual)
3) Have you done anything to breach any terms of the lease (such as not pay rent or some other serious covenant breach?)
If 1) is yes, sometime in the future and 2) and 3) are no, you should be OK. If having read your lease you are still unsure, then seek proper advice from either a solicitor or practising chartered surveyor.
[i]You may also have additional protection under the Landlord & Tenant act 1954, but Im going to hazard a guess that you are a small operator in a small premises and so it's most likely you dont have a qualifying lease or it has been contracted out of the 54 Act provisions, so these additional securities of tenure do not apply.[/i]
thanks stoner, yup proper lease agreed for the next 6years signed just in case he died before our old one expired.
Its very unnerving watching people view the property and not knowing what they want to do with it!!
I'll get the lease looked at by a solicitor in any case.
I wouldnt worry too much about people viewing to buy. They will know there's a lease in place (and the 6 yr extension - if in doubt, phone the agent for particulars as it will state any leases the property is subject to) and that's actually what they want. It's an investment, not an owner occupier thing. Inspection is just due diligence, not sizing up for occupation.