The great escape: how to terminate your lease and what to do if you can’t
By Ian McEwan and Jill Carey
Property is an essential tool for any company in the life sciences sector. As business needs change, you might need to acquire more space to accommodate growth and expansion or to vacate space that is no longer required. Whatever the reason for leaving your existing premises, it pays to know what your rights and obligations are before you cease to occupy or sign up for alternative premises.
The options available to a tenant to bring its lease to an end during the term of the lease are quite different from those at the end of the term.
If your lease is coming to an end, and you wish to vacate all or part of the premises, you should seek advice on what you need to do. Ideally this will be 12 to 24 months before the expiry date, depending on the size of your operation, so that you can put yourself in the best possible position. This is important both for giving any notice that might be necessary and also for dealing with termination issues such as vacant possession and dilapidations…
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