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Getting out of a Lease
1. Why Go?
There are four common reasons for wanting to end a lease prematurely.
1.1 Your premises are now inappropriate. For example:
- You have outgrown your premises, or need a different sort of premises.
- You have too much space.
- You wish to relocate your business.
1.2 Your premises are now too expensive.
- This is a Catch-22 situation, as it may cost you more to get out of the lease (see 11).
1.3 Another business has offered to pay a higher rent for the premises.
- You may be able to terminate or assign your lease, or sub-let at a profit.
1.4 You might want to improve the lease on your current premises.
This may involve surrendering your current lease in exchange for a new lease on more favourable terms.
- Discuss any proposals with a chartered surveyor or solicitor before considering any such agreement.
Labels: Premises, Reduce Costs
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