Case study My commercial landlord's property has been taken over by receivers

Discussion in 'Askaboutlaw' started by CarolC, Nov 16, 2016.

  1. CarolC

    CarolC New Member

    Posts:
    3
    Hi,

    I am currently renting a guesthouse. I took it over almost 3 years ago. The property manager produced a lease agreement for one year but suggested we come to an informal agreement instead. It suited me at the time as the interior was in a desperate state and there were absolutely no bookings. I have put my heart and soul into it and spent over €20,000 (reviews get bookings so it was necessary). I now have a great little business with over 300 bookings already for next year.
    Three weeks ago I got notice that the receivers were taking over the property. I informed the property manager who said he was as surprised as I was and that he'd talk to the landlord and get back to me. He hasn't and isn't answering my calls.
     
  2. Andy836

    Andy836 Frequent Poster

    Posts:
    250
    Do you have a long-term lease? If not you might be in a spot of trouble.

    However, there's nothing stopping you agreeing a new lease with the new owner. Does the property have an alternative use - i.e. other than a guest house what could a buyer use it for.
     
  3. Ravima

    Ravima Frequent Poster

    Posts:
    2,230
    worried about 'informal agreement'. Does this mean an under the counter payment? If so.................................................
     
  4. MrEarl

    MrEarl Frequent Poster

    Posts:
    1,183
    Hello,

    I would stop paying the "informal" rent now, until you start getting some real traction from the property manager and I don't just mean one quick call with some bull.... excuse for ignoring you this past number of weeks etc.

    Have you historically been getting receipts for payment of the "informal" rents being paid btw ?

    Next stop, is the Receivers. I expect you know who they are. Write to them (by registered letter) indicating that you are the sitting tenant and want an immediate meeting, stating that the property maanger has not been engaging, returning calls etc. Your ultimate goal here is to secure a lease, assuming you are not in a position to make an offer to buy the property - which you may be, if you have built up decent trading figures for your business over the 3-years to date etc.