commercial property lease overhold

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Clio123

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Hi all,
I bought the commercial property about 7 years ago, the lease was overhold. the rent is undervalue of market price. I did not incease the rent during 7 years because the tenant wasn't agree for it. we don't sign up new lease. the lease is still overhold. In this case can I terninat the lease? or a Notice to Quit to be served on the tenant.

thanks
 
It's a commercial lease, so the tenant has a right to a new lease once they are there for over 5 years. (Unless they have signed a renunciation document)

Contact your solicitor and a property agent.

Get a new rent valuation from the agent (there will be a fee of €1,000-€1500) which will be based on similar properties. Let the tenant know you are doing this. They can employ another agent to negotiate on their behalf.

Tell the tenant you are offering a new lease at the new rental level.

The tenant then can accept or not. The solicitor will guide you.
 
Last edited:
peemac said:
It's a commercial lease, so the tenant has a right to a new lease once they are there for over 5 years. (Unless they have signed a renunciation document)

Contact your solicitor and a property agent.

Get a new rent valuation from the agent (there will be a fee of €1,000-€1500) which will be based on similar properties. Let the tenant know you are doing this. They can employ another agent to negotiate on their behalf.

Tell the tenant you are offering a new lease at the new rental level.

The tenant then can accept or not. The solicitor will guide you.
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Thanks for reply.
 
Hi,

I bought the commercial property about 9 years ago, the lease was overhold when I bought the property. the rent is deep undervalue of the curent market price. I can't incease the rent during 9 years because the tenant wasn't agree for it. I don't sign up new lease. the lease is still overhold.

Myself and tenant got a new rent valuation from the agent. My property agent negotiated the lease with the tenant's property agent. they can't agree with new lease.

My solicitor is working on it.
Can I ask him to serve notice to quit, or I need sort it in the court?

If anyone could give me help I would really appreciate it



Thank you.
 
Hello,

At the very least, I would have expected your solicitor to advise you to deliver a letter to your tenant, reserving your rights.

Personally, I would be serving notice on the tenant to quit, as they don't have a current lease. If you don't, and they stay in the property, paying rent, they will very likely obtain certain rights, over time and that won't be in your best interest.

If your solicitor hasn't discussed these things with you, already, then I think I would be changing solicitor, fairly quickly.

Just to note, I'm not a solicitor and not qualified to give legal advice.
 
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