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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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hello i sold my small business 4 years ago,but granted a lease

Customer Question

hello i sold my small business 4 years ago,but granted a lease to the purchaser.I am a motor
mechanic by trade and sought the advice of a solicitor at the time.The solicitor wrote up a lease for the premises with a option to purchase at market value.The option has been excersied by the tenant,and i do not wish to accept their valuation.It has now gone to Arbitration and the result of the valuation is a lot less than what it cost me to have built.I would prefer to retain the premises and have the income.When it was all drawn up,i did not understand the consequences.The contract was never explained to me at the time,and it is only now i understand the outcome.Can i refuse to accept the decision and refuse to sell.
regards
Ronald Leacy
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Alex Watts :

Hello Ronald my name is ***** ***** I will help you with this.

Alex Watts :

Just to confirm the tenant has done exactly what the lease has allowed please?

JACUSTOMER-9t988hyf- :

Good morning

JACUSTOMER-9t988hyf- :

the tenant has paid on time throughout ,except on one occasion when they informed me they where going to use the option

JACUSTOMER-9t988hyf- :

to purchase.i informed them they still had to pay the rent until they had a successful purchase gone through.i think it was approx. two weeks late.

Alex Watts :

Ok - but the option is clearly in the contract and it does not have a formula on value?

JACUSTOMER-9t988hyf- :

the option is a separate deed(contract to the lease)

Alex Watts : are you saying the valuation is below market rate?
Alex Watts : If so is there a dispute clause in the option agreement ?

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