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Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7626
Experience:  UK solicitor holding an England and Wales practising Certificate.
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Me and my partner want to take on a lease from a retail shop

Customer Question

Me and my partner want to take on a lease from a retail shop for the next 3 years. Neither of us have had any experience of dealing with commercial leases. The current tenant has £6000 security deposit held. Will she expect us to fund this security deposit and what if at the end of the tenancy we are charged for damage she has caused?
Submitted: 1 year ago.
Category: Property Law
Expert:  Thomas replied 1 year ago.
Hi Thank you for your question and patience, I’m Tom and I’ll try to help you.If you are taking on an existing lease (ie. you are getting an “assignment” of the lease) then the landlord will probably only agree to agree to you taking on the lease on the basis that you also give a deposit upon completion.What usually happens is the new tenant (you) pays a deposit to the landlord upon completion and the current tenant’s deposit amount is refunded to them by the landlord.Your deposit will be held until the lease expires or until you yourself assign the lease to a further tenant and any damage that has occurred would be deducted from the deposit.You should confirm with the landlord that they do not consider the property is in disrepair caused by the current tenant before you complete. If there is damage then you should require the current tenant to pay for the damage before you complete I would strongly consider instructing a solicitor to act on your behalf in the assignment of the lease. My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question. Kind regards,Tom