Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Commercial lease renewal

  • 22-08-2024 5:21pm
    #1
    Bongojohn
    Registered Users, Registered Users 2 Posts: 18 ✭


    Hi all,
    Just looking for some advice on this. I've had a lease on a business premises for the last ten years, the lease is now up for renewal. The owner is looking for a payment of €25k to, as they put it "buy the lease". This is separate to a slight increase on the monthly rent which was expected. When i got the first lease in 2014 they demanded a payment of €10k which was described as "key money", and i figured this was because the unit was fitted out and ready to go for the new business. Where do i stand with this? I don't have access to this amount at the moment. Is this the norm when renewing a lease?
    Thankful for any input



Comments

  • #2
    Spark Plug
    Registered Users, Registered Users 2 Posts: 123 ✭✭Spark Plug


    If you have lease greater than 5 years you may have an automatic right to renew albeit at market rent unless you signed what is known as a deed of renunciation (waives that right) when you originally signed the lease. I’d speak to a solicitor and get an idea of what your options are taking into account your current lease documentation. If you have a right to renew speak to a local agent and get a sense of what money recent lettings have achieved and typical void periods, if the landlord is well outside what recent comparable lettings are making push back, first step is talk to your solicitor on what your renewal rights are.



Advertisement