Leases of commercial premises will eventually have a conclusion. Sometimes the landlord will agree to release the tenant from its obligations, sometimes the lease will terminated early or usually the term will just run its course. I am a Glenn Duker and I regularly provide commercial lease advice. The object of this short post is consider in practical terms the result of a tenant simply abandoning a lease.
Occasionally, a lessee may opt to simply abandon his or her lease and, as a corollary, the site altogether. It is probable that the lessee will notify the lessor of his or her desire to leave beforehand, although not always. In any event, the lessee will continue to be liable for his or her responsibilities pursuant to the lease agreement until a replacement lessee is found or until the end of the lease term, depending upon what occurs first.
When a new lessee is found, the commercial lease agreement will generally be assigned, thereby releasing the old lessee from his or her obligations. However, the guarantors will remain responsible, normally until the end of the lease term. If the new lessee is a corporation, director’s guarantees will likely be obtained. It is typical for the old lessee to pay the lessor’s legal costs in this situation.
Alternatively, a sublease could be entered into with the incoming tenant. The subtenant will pay the rent and outgoings, but the existing tenant will still be ultimately responsible for the acts and omissions for the subtenant. A sublease is more suited to a situation when the new party wants to lease part of the premises from the existing rather than the whole premises, as a rule.
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As another option, the parties could sign a deed of sublease. This incoming new tenant must pay the monthly rent, but the old tenant will still entirely responsible for the lease. Thus sublease arrangement is usually associated with a tenant wanting to let out part of the premises under the lease, instead of transferring the whole premises outright.
A tenant’s responsibilities are well documented in a lease and it to simply abandon it is something which should be avoided if possible. The likelihood of the landlord releasing the tenant from the lease is low as landlords value their rent return highly and they may also have to service a mortgage with a bank. It is prudent to understand the terms of a lease before signing the document. The legal advice of a solicitor, such as Glenn Duker, can be invaluable.
To read more about lease issues or if you require legal advice, go to:Glenn Duker Lease Info. To find out more about the legal process associated with commercial leases, visit: Glenn Duker Blog.