Can a property lease be terminated?
Landlords and ending a lease As a landlord, you can only end a lease when the tenant fails to pay rent or meet other lease obligations. However, if the tenant can challenge this in court they may be allowed to stay in the property.
Can a business lease be terminated?
Generally a commercial lease is only able to be terminated at the agreed termination date, other than situations like expiry of a ‘no access’ period after an emergency. Once tenants understand their obligations under the lease, the next step is to discuss options with the landlord.
When can a lease be revoked?
Lapse of time – When the prescribed time of the lease expires, the lease is terminated. Specified event – When there is a condition on time of lease depending upon a happening of an event. Interest – Lessor’s interest to lease the property may cease, hence resulting in the termination of the lease.
What happens to a lease when a company goes into liquidation?
What happens to the lease? The Companies Act 2006 (section 1012) states that when a tenant company is dissolved or struck off its interests, including any interest in leasehold property, falls to the Crown as they become bona vacantia, or ownerless property.
Can a tenant forfeit a lease?
Forfeiting a lease for non-payment of rent Ordinarily, a right of forfeiture may only be exercised if it is expressly provided for within the lease. The exception to this is that the landlord may have ‘implied’ right where the tenant has breached a condition (a fundamental requirement of the contract).
Can you get out of a shop lease early?
Getting out of a commercial lease early can be challenging – after all, the contract is designed to give the landlord an element of security and assurance. Whether you are able to end the lease early will generally depend on the terms of your lease, but you may be able to come to an agreement with your landlord.
What happens to a lease on administration?
A well-drafted lease will contain a clause which allows a landlord to forfeit the lease should their tenant go insolvent. In administration, there is a statutory moratorium which prevents the landlord from taking any action against their tenant without the consent of the administrator or without the leave of the court.