I’m a tenant, get me out of here... Ways out of a commercial lease
As a tenant, your lease grants you an exclusive right to occupy a property for a fixed period of time. You are ‘tied in’ during that time, which is great if you’re trading well and your business is profitable.
But what happens if you’re struggling to make ends meet? The thought of paying rent for another two, three or four years will, in some cases, feel like a prison sentence. So how do you escape?
Break clause — the first place to look would be within your own lease. If you were cautious/prudent from the outset, the chances are you may have negotiated a break clause. This would give you an opportunity to terminate the lease on a specific date provided you comply with certain conditions. A word of warning — exercising a break is often more difficult than it sounds…
Click on the link below to read the rest of the Gateley briefing.
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