9:42 AM, 15th February 2021, About 3 years ago 6
My tenant has one year remaining of a five year Lease on my commercial premises which he has occupied on a succession of 5-year Leases for 25 years. He owns and operates a Limited Company (registered at his home) but has always signed the Leases as a private individual.
I don’t want to renew the Lease next year as I plan to use the premises as a base for my own business.
I’ve been told that if he should object to my taking over the premises and wants to remain, I could be obliged to pay him compensation of twice the rateable value as he has been there more than 14 years, but that this might not be the case given that he signed the Lease not as a Company Director or Secretary but as an individual.
Could anyone please advise if this is indeed the case?
Thanks in advance.