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any info on subletting a business?

  • 16-01-2010 8:35pm
    #1
    Straycat
    Registered Users, Registered Users 2 Posts: 311 ✭✭


    the possiblity has come up for me to maybe lease a business, im clueless but tempted. its been mentioned to me that there is a minium lease term legalily, does anyone know how long this is? and how it all basically works?


Comments

  • #2
    Straycat
    Registered Users, Registered Users 2 Posts: 311 ✭✭Straycat


    anyone?


  • #3
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    It will have to be done by a solicitor and through your landlord. He /she may have borrowings against the premises so therefore the bank would also have to be happy that the lease doesn't dilute their security.


  • #4
    mcaul
    Closed Accounts Posts: 1,493 ✭✭✭mcaul


    Straycat wrote: »
    the possiblity has come up for me to maybe lease a business, im clueless but tempted. its been mentioned to me that there is a minium lease term legalily, does anyone know how long this is? and how it all basically works?

    A lease can be for any term from a few weeks to many years.

    A standard short lease of 4 years 9months, a standard long lease is 20 years.

    From 28th february all leases must delete the "Upward Only Rent review" clause and replace with a "market rent" clause. This will allow for rents to be reduced if necessary.

    If your are leasing a business, the lease will have a schedule fo contents / additionas attached with may include the contents to the premises and permit you to use these and also trade under the current name.

    A solicitor would do all the work for the region of €1500. A good accountant would advise on the costs assosicated and viability of the business. - A couple of grand on solictor & accountant at an early stage can save thousands later on.


  • #5
    Straycat
    Registered Users, Registered Users 2 Posts: 311 ✭✭Straycat


    thanks guys. the minium term, is there any way of taking on a shorter term? a friend of mine is just after taking up one that is for three years with a get out clause at 18 months, and they have been told by their solicitor because of a loophole they would be able to get back everything thye had paid into the lease up to that stage? seems a bit far fetched to me.

    either way im dubious of taking on somthing for four years min, a lot could happen in that time.


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