Lease question - urgent

B

Bubbles34

Registered User
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43
HI,

I hope someone can give me advise. I opened a retail store last year - I have signed a lease of 4 years 9 months with a break clause in it after 2 years - is there any way to get out of the lease beforehand? The landlord is holding 5k deposit

I see businesses closing down all the time or changing location after only a short period of time.

How is that possible?

I need to close because of personal reasons - will open online store instead
 
Without reading the lease it's hard to say.
But I suspect not without losing your deposit and risking being sued for the balance of the 2 years rent - ie up to the break time frame.

Have you spoken with the landlord to try to renegotiate the rent?
 
No, haven't spoken to him yet - it's not about lowering the rent - it's basically the shop or my marriage - I will try to open an online shop instead

I have no problem to lose the 5k
 
I'm sorry for your problems.
If you break the lease now, the landlord may take the view that pursuing you for the balance rent may not be worthwhile - depends on your personal circumstances, and the liklihood of securing an alternative tenant, to be honest.
You need to talk to your solicitor. Now.

Edit - did anyone give a personal gaurantee?
 
No, the lease is under the name of the limited company and he accepted the deposit instead of guarantee

Will have a read through the lease and contact sollicitor
 
You will be in breach of your lease, obviously, if you pull out prior to the break clause.
But I know many landlords are taking a pragmatic view in the current climate so if you are prepared to kiss your 5k goodbye, then the best thing I think is to talk to your landlord.

Give him plenty of notice and explain the situation to him but I would be surprised if he did not take the pragmatic approach and keep your money and advertise again.
 
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