If your business is expanding and you are in need of a bigger space to accommodate your growing clientele, maybe it is time to consider getting out of your commercial lease early. Our commercial lease solicitor in London will guide you through the process and help you gather the paperwork required for your appeal.
Breaking a commercial lease prematurely is not easy, but in the end, it all depends on the terms and conditions agreed. Saracens solicitors have many years of experience in commercial leases and your commercial lease solicitor in London will ensure to protect your best interests with the minimum cost involved. If you are on good terms with your landlord, it is always likely that they will feel sympathetic about your situation. However, if that is not the case, you can look into alternative ways.
Some types of commercial leases include a break clause, allowing both the tenant, the landlord or both to terminate the lease prematurely after a predetermined period of time. If your commercial lease includes one, you will need to notify your landlord about your intentions. In some cases, tenants are required to provide their notice a few months in advance in writing and failing to meet this clause can compromise your lease exit and delay the entire process. For this reason, you should read your commercial lease carefully and decide on the appropriate action with the help of your commercial lease solicitor in London. If you have long-term business expansion plans, it is always recommended to go after a lease that includes a legal break clause.
Negotiating your exit
If your contract does not include a break clause, your commercial lease solicitor in London will suggest negotiation. Your landlord may be willing to negotiate an early exit without further legal obligations. However, this needs to be legally binding since early exit can mean financial liabilities that are comparable to the financial cost of remaining on the premises for the entirety of your lease. Alternatively, if the landlord is not interested in dissolving the lease, it is possible to assign it to a third party, but you will need to find the new tenant yourself.