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Purchasing Commercial Lease

  • 17-02-2010 2:37pm
    #1
    Christine45
    Closed Accounts Posts: 22 ✭


    I've just posted this in the business section but am interested in hearing other opinions please:

    I'm in the process of contemplating purchasing a lease from a tenant who's going into liquidation.

    Our solicitor will have to draft up new lease as previous one is advised against.

    My question is is the current tenant in a position to sell lease taking into account that they are going into liquidation and have outstanding debts i.e rates?

    Thanks for any replies.


Comments

  • #2
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    What you are saying makes no sense. If you are drwaing up a new lease it will be with the Landlord. What is the tenant selling?


  • #3
    dermot_sheehan
    Closed Accounts Posts: 2,062 ✭✭✭dermot_sheehan


    Talk to your solicitor

    If the tenant is in liquidation it will be the liquidator who will assign the lease.


  • #4
    Christine45
    Closed Accounts Posts: 22 ✭Christine45


    Jo, the tenant is claiming to be selling the lease but I have since learned that there is a pending voluntary liquidation.

    Gabhain, In this case would the lease not revert to the landlord and therefore the landlords solicitor not then assign the lease to the new tenant?


  • #5
    dermot_sheehan
    Closed Accounts Posts: 2,062 ✭✭✭dermot_sheehan


    depends if the lease has a term stating that it's forfeited if the tenant is in liquidation and the tenant is unable to apply for relief against forfeiture.


  • #6
    Maximilian
    Legal Moderators, Society & Culture Moderators Posts: 5,400 Mod ✭✭✭✭Maximilian


    If you have a solicitor talk to him/her. Taking on a lease is an onerous obligation and you should take professional advice on it. The law has also changed recently. For example, the ban on upwards only rent reviews only came into effect last December and doesn't apply to then existing leases.


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