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ReadyLaw
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I have a business premises and I have 18 months lease

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Hi, I have a business premises and I have 18 months lease remaining... business will not survive due the Covid-19 and I was looking if there is a chance to resolve the lease earlier due the frustrating situation
JA: Where are you? It matters because laws vary by location.
Customer: Southend on sea
JA: What steps have you taken so far?
Customer: We have spoken with the landlord and we have proposed to leave all the equipment and also the deposit paid once we have taken the premises...
JA: Anything else you want the Lawyer to know before I connect you?
Customer: I think that’s all
Customer: replied 2 months ago.
Monthly rent is £730
Deposit paid at that time £4000
Remaining months on the lease 18
Customer: replied 2 months ago.
Equipment value estimated £8000 +/-

Good day your question has been forwarded to me to see if I may be able to assist

You say you have already made a proposal to the landlord, what did he say in response to your proposal?

Customer: replied 2 months ago.
What about the rent deed surrender? She was talking about something similar.. could be possible??

You may surrender a deed yes. What I am trying to ascertain is what was proposed and what it is you would like for me to clarify for you?

Customer: replied 2 months ago.
I was just wondering if could you tell me if that is a safe way to surrender a lease and how much could cost this legal matter.

Thanks for the clarification.

It is a legal way to surrender a lease. It is strongly advisable however that you surrender the tenancy in writing because surrenders without a written agreement (implied surrenders) are a lot messier and more complicated.

However, the terms and what is included is based on what you agree. So, you may essentially agree to pay the things you have proposed in order to surrender. You would however need to ensure that whatever is paid a final settlement.

As a general guide, You should ensure that it includes

, at the very least, the following inFormation:

  • The address of the property.
  • The names and addresses of all the parties involved.
  • The date that the agreement will end.
  • ​The terms under which the agreement ends. ( for example if they will take the equipment)
  • ​whether any further payments are due from the tenants (such as further rent payments, money from the deposit, or a lump sum agreed to cover the landlord’s costs).
  • Whether any of the obligations under the tenancy remain, or whether they will be discharged in full once the document is signed.
  • The signatures of all parties.
  • The date that the document was signed.
  • Under what conditions the document will be considered legally binding (e.g. only when signed and dated by all parties).

Hope I clarified things for you. Kindly let me know if I may be of further assistance.

Kindly take the time to indicate your acceptance of the answer given. You may do this by clicking on the stars at the top of the page.

All the best

RL

Customer: replied 2 months ago.
Ok thank you so much

You are welcome

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