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Remus2004
Remus2004, Barrister
Category: Property Law
Satisfied Customers: 2437
Experience:  Over 5 years in practice.
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i currently rent a commercial property, fast food takeaway.

Customer Question

i currently rent a commercial property, fast food takeaway. At the beginning, I paid a lump sum, which at the time, I thought it was a deposit or a bond, which is returnable if, and when i decide to leave, with the property in its as good a state as when i took it over. Now, the landlord is telling me, its called an "incoming" in accounting terms, and it is NOT RETURNABLE, as you have walked into a up and running business, and therefore grateful that i didn't have to put up a outlay to start a business. is this correct
Submitted: 2 years ago.
Category: Property Law
Expert:  JGM replied 2 years ago.
What does the lease say about it and did you buy a business as well as lease the premises?

If the paperwork was done properly when you took the property/business on this should have been clear from the outset. Of you bought the business there may have been a goodwill payment made for the business or there could be a premium paid for the lease but what does the paperwork say?
Customer: replied 2 years ago.

no. it was a straight rental as an ongoing business and maintenance of the equipment. I did make a offer to buy a few years ago, but was turned down.

Expert:  JGM replied 2 years ago.
So what does the original paperwork say is the purpose of the lump sum payment at the beginning?

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