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UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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I am buying a shop on regent street, London. It has a

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I am buying a shop on regent street, London. It has a lease which is outside of the act of 1954 and has eight months left of the 10 year lease. Because of the possible dilapidations i have requested a retention of £25,000 from the current tenant, as I do not think it is fair that I should pay any dilapidations for only eight months use. The problem is how do I ensure that he pays the £25,000. This is a problem because, the current tenant does not have this money, but he will have this money, once he has received his deposit back from the landlord. Obviously this money will be returned to him a few weeks after the completion. Therefore I do not see, what will compel him to pay.
We have made a contract for him to sign, but he is a Pakistani national and will just as likely leave the country.
Is there a way to get this paid to us direct by the landlord or by his solicitor. A legal way which guarantees that this happen?
Any help is greatly appreciated.

Yes, you may enter into a novation agreement etween you, the landlord and the current tenant whereby the landlord agrees to pay you the deposit due to the current tenant in consideration of you agreeing to take over the current lease which has 8 months left to run.

With such an agreement, you may take action against the landlord directly if the landlord breaches the agreement or defaults in paying you the deposit for whatever reason.

Hope this helps
Customer: replied 2 years ago.
Thanks for the response. I should have said that we cannot involve the landlord. We are hoping to get a new lease at the end of this one, and we worry that involving them would make us look weak or financially insecure, which would be a negative against us when we apply for the new lease. Also we do not want to put ideas into the landlord's head; firstly dilapidations and secondly that we are holding a retention of £25,000 for possible dilapidations.
I am afraid in that case your position is weakened and you may only rely on the current tenant to pay the money to you once they receive it from the landlord.
The other option is for the tenant to nominate that the money be paid to his solicitor to hold to your order Nd to pay it to you.
Hope this helps
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