The Basics of Lease Termination Revealed on Law Donut
UK legal site provides SMEs with advice and information on terminating leases
[UKPRwire, Wed Oct 14 2009] Terminating a lease for premises can be complex and legal advice is essential, however a plain English overview for business owners and managers is available free on UK SME legal information site Law Donut.Published by BHP Information Solutions, Law Donut is a specialist resource thatís been developed by experts especially for SMEs. Itís designed to help people get more out of their legal advisers by enabling them to get a good overview of the issues they face from the outset.
In the issue of lease termination, the options depend on the individual lease. Law Donutís experts advise it may be possible to:
Terminate the lease, under a break clause.Negotiate termination with the landlord.Assign the lease Ė i.e. sell it to a new tenant.
Sublet the premises, or part of them.††
Law Donut advises putting yourself in the landlordís shoes, thinking about issues such as the strength of the market, the landlordís cashflow situation, and whether or not the landlord has breached the lease.ďYou need judgment, experience and a good knowledge of the local market so use both your own Ė and your adviserís Ė negotiating skills. Donít give your position away. If the landlord knows you are desperate to get out of the lease, the landlord will have the upper hand,Ē says the article.
As well as terminating leases, Law Donutís premises section covers a broad range of issues, from rent reviews to buying freehold.
The Law Donut is at www.lawdonut.co.uk
Further information: visit http://lawdonutblog.co.uk
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