Referencing a new commercial tenant?
10:11 AM, 21st March 2023, 3 years ago
12
Hello, I have a long term commercial tenant who is looking to sell on his business on as a going concern. Putting aside the issue of surrendering the existing lease for the minute, what referencing do you do for an incoming commercial tenant?
Not sure if the new tenant will be a newbie starting up from scratch taking on their first business venture, or someone already experienced with an existing business and accounts etc.
Any advice welcome.
Thank you,
Reluctant Landlord
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Member Since November 2022 - Comments: 120
11:55 AM, 23rd March 2023, About 3 years ago
Reply to the comment left by Freda Blogs at 23/03/2023 – 10:50
Apologies. “Competent landlord” has a particular and specific meaning under LTA 1954 and as such, Googling the phrase may not be terribly helpful to the OP.
Member Since November 2022 - Comments: 120
4:49 PM, 27th March 2023, About 3 years ago
Reply to the comment left by Freda Blogs at 23/03/2023 – 10:50
True. NB the statutory duty under LTA 1988 to consent to a request for consent to assign in most cases, unless reasonable not to so so or to impose (reasonable) conditions. Existence of rent arrears isn’t usually a good reason as L has remedy of forfeiture.