Hi All
My mother inherited a property several years ago that is leased to a bank, at the time the premises was 7 years into a 10 year lease
The lease expires in September this year.
She has just received notice that the bank is closing the branch in October.
They also indicate in the letter that they are going to pay up any remaining lease which may be due...
This is where we are confused.. If the lease expires in September and the bank is still in situ for another month, does the lease automatically roll over for an extra year?
Or are they only liable for the one month overlap.
Or is there some statutory period of rent due based on the day that notice was received?
Can she tell the back they must vacate in September at the expiry of the lease?
Thanks in advance for any advice
She will be meeting a solicitor next week... But this will be gnawing on our minds all weekend between now and then!
My mother inherited a property several years ago that is leased to a bank, at the time the premises was 7 years into a 10 year lease
The lease expires in September this year.
She has just received notice that the bank is closing the branch in October.
They also indicate in the letter that they are going to pay up any remaining lease which may be due...
This is where we are confused.. If the lease expires in September and the bank is still in situ for another month, does the lease automatically roll over for an extra year?
Or are they only liable for the one month overlap.
Or is there some statutory period of rent due based on the day that notice was received?
Can she tell the back they must vacate in September at the expiry of the lease?
Thanks in advance for any advice
She will be meeting a solicitor next week... But this will be gnawing on our minds all weekend between now and then!