We dont know yet if Landlord will agree yet , we have placed a deposit and are just starting to negogiate the terms.
This is a assignment of a commercial Lease granted in 2010. The lease contracts out of the Landlord and Tenant 1954 sec 24 - 28. There is no break clause expressly provided for in Lease. It runs for twelve years.
I want to know if we can apply with Notice to get out of the Lease if commercially it proves not viable.
if it is an assignment of thelease, then you are stuck with the lease as it is presented to you, unless thelandlord will agree to vary it. If he does agree to vary it, it should be doneby deed of variation. You are faced with negotiating with the landlord.
Unfortunately, if there is nobreak Claus in the lease and the business does not work, you are stuck with thelease until the end of the term, or until you get another tenant to take anassignment from you.
You could set the lease up inthe name of a limited company, but the landlord may want a personal guaranteefrom you in any event.
Can I help further?
Thank you that was helpful.
I do not need any further assistance at present.
Glad to help.
If you need me. Again, pleaseput my name at the top of any new questions and the other experts will tell methat you are waiting.
Meanwhile, this thread remainsopen if you wish to ask any further questions on this point.