Not every commercial lease runs smoothly and you may wish to end your tenancy early. While agreements generally have a fixed end date, there are usually options you can pursue if this is the case. Saracens Solicitors can give you advice based on your specific circumstances when you engage us as your commercial lease solicitor in London.
How does a tenancy end?
A tenancy ends either on the original end date specified in the lease or early if both parties are agreeable. If you want to end a lease agreement early, Saracens Solicitors can help you negotiate an early release when we act as your commercial lease solicitor in London. Even if you and the landlord agree, there may be certain terms such as a financial payment.
You may be able to pass the lease over to someone else for the remainder of the term. In this case, landlords often ask for a guarantee from you for the duration of your original term. This means you effectively remain liable for the rent if the tenant you have put forward defaults.
What is a break clause?
A break clause is a provision in the lease that offers the landlord or the tenant the chance to end it early. This often activates on one or more specified dates. It may be exercisable at any time during the term on a rolling basis or after a specified period of time has elapsed. This type of agreement can offer a nice balance of security and flexibility for you and the landlord. We can help you work out the terms of a break clause when you work with Saracens Solicitors as your commercial lease solicitor in London.
What if there is a dispute?
Hopefully, your tenancy ends in a way that is agreeable to both parties. Saracens Solicitors can help you negotiate ending a lease with this goal in mind.
One of the best ways to avoid dispute is to have a comprehensive contract to begin with that makes provisions for early release or other ways of getting you out of tight situations, such as the ability to sublet.