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LondonlawyerJ
LondonlawyerJ, Solicitor
Category: Property Law
Satisfied Customers: 814
Experience:  Experienced solicitor
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I want to buy a restaurant with 2 years of current lease remaining

Customer Question

I want to buy a restaurant with 2 years of current lease remaining ,THE SELLER SAYS THAT LANDLORD IS AGREED TO RENEW THE LEASE AT THE END OF CURRENT LEASE ,THE LANDLORD HAS GIVEN A WRITTEN CONSENT ON A PLAIN PAPER. I AM ASKING FOR A NEW LEASE FROM LANDLORD ,BUT HE IS NOT WILLING FOR A NEW LEASE NOW BEFORE THE CURRENT LEASE END. SHALL I GO FOR THIS
Submitted: 3 years ago.
Category: Property Law
Expert:  LondonlawyerJ replied 3 years ago.

LondonlawyerJ :

Hello I am a lawyer wit over 15 years experience. I will try to help you with this.

JACUSTOMER-5ho9s0lv- :

stll waiting for your reply

JACUSTOMER-5ho9s0lv- :

still no answer

JACUSTOMER-5ho9s0lv- :

where is the answer ?

LondonlawyerJ :

It seems my first answer didn't arrive at your end of this.

LondonlawyerJ :

What do you mean by "the landlord has given a written consent on plain paper". What has he consented to, has he signed?

Customer:

yes but just on a plain paper which says that he will renew the lease at the end of this current lease

LondonlawyerJ :

Your solicitor has advised you that this is not legally binding. It presumably doesn't say anything in details about the terms under which he will extend it. The key question is why won't he extend now if he is wiling to do it in 2 years? That reeks of bad faith. Your solicitor and the bank both take a dim view of this offer. I agree (in principle not having seen the document|) that there could be all sorts of problems trying to rely on that in 2 years time. Ultimately the decision is for you but unless you have some particular knowledge of the landlord that makes you think he is trustworthy or some other very strong reason to press ahead with this purchase despite the risks you should be very cautions about taking him at his word.

LondonlawyerJ :

I hope this answer is helpful but pelase feel free to ask further questions. I should also say that like most experts on this service I am a practising lawyer and have to fit your question in around my other commitments. This can lead to some delay in replying on occasion.

LondonlawyerJ and other Property Law Specialists are ready to help you
Customer: replied 3 years ago.

If I get his consent on a paper document drafted by my solicitor but on plain paper, will that be ok. I think the seller is not paying him any amount for surrendering the current lease 2 years in advance from our sale price this may be the reason the landlord is not willing to issue a new lease.your advise will be apprecited

Expert:  LondonlawyerJ replied 3 years ago.
If your solicitor drafts the document then that should be fine. But follow your solicitor's advice.