Getting out of a Lease

1. Why Go?

There are three 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.