Commercial Rent Arrears and Lease Forfeiture - Legal advice in England and Wales from expert solicitors.
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In the current economic climate many owners of commercial property are faced with Tenants who are in arrears or unable to pay their rents.
The non receipt of rent will almost certainly present the Landlord with an immediate problem as once arrears start to accumulate it can become more and more difficult to gain payment.
Most Leases of commercial property give the Landlord the right to forfeit the Lease if the rent falls into arrears for more than a specified period, often 21 days - similar provisions provide for forfeiture/cancellation of the Lease apply if a tenant is declared bankrupt.
A Tenant in arrears should be aware of the legal remedies which his Landlord has available.
Obviously, a Tenant can be taken to Court and a Court Order made for payment of arrears.
The other alternative is that a Tenant may be served with a Statutory Demand if the arrears are £750.00 or more. If the Statutory Demand is not complied with within 28 days then action for the Tenant's bankruptcy can follow but this may not assist the Landlord.
If the property is not being used the Landlord may well be able to re-enter the property with a view to reletting the same. Landlords may not always wish to take such a step if they are not confident of finding a Tenant as they will have made themselves responsible for outgoings.
Whether you are a Landlord or a Tenant and are dealing with an arrears of rent situation it is worth speaking to us as we may well be able to offer helpful advice and alternatives which you would not otherwise be aware of.
Please feel free to telephone and our specialist solicitor will be happy to discuss your problem and try and offer advice to a solution, where possible.
email: enquiries@restrictivecovenants.co.uk
telephone: 0191 4554 666
RestrictiveCovenants.co.uk
31 Beach Road
South Shields
Tyne and Wear
NE33 2QU