Hello everyone
We sold a business about 18 months ago, and there's about a year to go to the break clause, then another 5 years. We've just heard on the grapevine that the original couple who bought the business and we assigned the lease to have split up, and one of the couple has brought in a new partner as a director. The original one has resigned.
The new couple are planning to take on a larger premises next door, knock through and change the nature of the business. The landlord owns both properties.
Will the landlord have to create a new lease for this larger combined premises, and the new business owners? I am concerned that if we are still liable for the lease should it fail - this new business idea is more risky and will have a huge financial burden to carry with the rental of the larger premises, too.
Should I and can I ask the landlord to make sure its a new lease?Is it something he would have to do anyway?
We sold a business about 18 months ago, and there's about a year to go to the break clause, then another 5 years. We've just heard on the grapevine that the original couple who bought the business and we assigned the lease to have split up, and one of the couple has brought in a new partner as a director. The original one has resigned.
The new couple are planning to take on a larger premises next door, knock through and change the nature of the business. The landlord owns both properties.
Will the landlord have to create a new lease for this larger combined premises, and the new business owners? I am concerned that if we are still liable for the lease should it fail - this new business idea is more risky and will have a huge financial burden to carry with the rental of the larger premises, too.
Should I and can I ask the landlord to make sure its a new lease?Is it something he would have to do anyway?