Posted by: Tom Wood | Date: 25 March 2020
To say that commercial landlords and tenants are facing challenging times is an understatement! The effects of the novel coronavirus COVID-19 are pushing countless businesses to the limit.
The lease relationship is crucial to the businesses and finances of both landlords and tenants, and the lease document is at the centre of this.
The age-old questions “What happens where a tenant can’t afford the rent?” and “Can I get out of my lease?” are being asked constantly at the moment.
The answer for both landlords and tenants is: Get legal advice early, and then communicate.
Each lease is different. Knowing your rights and obligations is important as the starting point before communicating with the other party.
Our team can review your lease and identify the sections which hurt or help you in this situation. The fine print of the lease is important!
When deciding how to approach the other party it is important to base your approach on the legal situation, but also on the context of your relationship.
It is often possible to work together and face the challenges and come out the other side with a stronger commercial relationship. Or, if things go pear-shaped, you need to know what to do.
We can help both landlords and tenants of retail shops, offices and commercial premises, and industrial premises.
Contact our team of commercial leasing lawyers to discuss your lease obligations today.