Jan
16
breaking a retail business lease which hasnt commenced yet?
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Question : Breaking a Retail business lease which hasnt commensed yet
Question Details: we currently own a business in a shopping centre, our lease runs out in december and the landlord wont renew the lease as they have plans to turn the shop into a bank they have offered us a new lease at one of the other stores in the shopping centre and reluctently agreed and signed the new contract we are now wanting to break that lease and not move as the relocation cost will be far more then we anticipated and we simply cannot afford to move. would anyone have any information on wether we would be able to break this leese? if not what fees penalties would we expect to be looking at
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4 Comments
January 17th, 2010 at 1:56 am
Penalties or fees should be specified in the lease. There is no law that will define that for you.
You made what is known as a “grumbling acceptance” by signing the new lease - be prepared to work out some terms ($$$) with the landlord, but please make sure you get a WRITTEN notice of satisfaction after you make any payments to get out of the lease.
Good luck with the business.
January 18th, 2010 at 7:37 pm
What shellanswerman said…ditto.
January 19th, 2010 at 3:58 pm
Whatever you do, do it ASAP because if the landlord can re-let the property and suffers no damages, you can’t owe anything.
But once your lease term commences, you may owe for the months that the property was vacant.
January 22nd, 2010 at 5:59 am
You have legal grounds to get out of the lease… signing a new lease under duress will not hold up in court.