When a building is sold, normally the new owners must honor the terms and conditions of existing leases. If your old landlord could not raise the rent until the three years went by, neither can the new ones.

How long does it take to amend a lease?

The entire leasehold extension process normally takes from three to twelve months but it can be made quicker with professional help from efficient valuers and solicitors. The first thing to establish is that you are eligible for an extension.

What does amending a lease mean?

A Lease Amendment is used to modify an existing Lease Agreement between a tenant and landlord by adding or removing clauses, or changing existing clauses. An amendment allows the parties to change the terms without having to sign a new Lease Agreement.

Can a landlord change the locks on a commercial property?

Where a landlord of commercial property wishes to end a tenant’s right to possession, they have the options of going to court, or using the self-help remedy of changing the locks. In this article, I will discuss the process and benefits of forfeiting a lease by changing the locks, also known as peaceable re-entry.

What happens to my lease if my building is sold?

The most common impact to a tenant following the sale of a building is increased costs – either immediately or upon lease renewal. Some leases limit these costs, while others don’t. Common clauses in commercial leases may allow the property owner to increase your base rent in response increased costs.

What happens when a commercial building is sold?

When a commercial office property is sold, the new owner has an expectation of returns on the property. While the new owner must honor the terms and conditions of an existing lease (in most cases), you may still face increased costs or changes to the building’s aesthetics or function, based on the language in your lease.

What happens to my property if I forfeit my lease?

This can leave the landlord open to a claim for damages and is very much to be avoided. Consideration needs to be given to the fact that the general position after forfeiture is that the landlord will be responsible for any of the tenant’s goods that remain in the property.