lease or let of the shop/salon

[july]

[font=r_ansi]Hi, guys!
I'm having some probs here. I put an offer on a shop to take over the lease, but the landlord came back to me with "We're concerned about an assignment but will consider a sub letting."
I suppose their concerns are based on the fact that I'm a first time business and have no trading history. But what is the difference between these two?
My solicitor is on holiday so can't get any advise from him.
Does anybody know about it?
thanks

July

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[Sassy Hassy]

Not 100% sure on this. Is there an existing lease in place on the property? If so then you would take a sub lease from this, but it would mean that your sub lease would expire when the main lease does so you should find out how long it has to run. It would mean that if you then wanted to have your own lease written that you would have to pay legal fees again. I think it means the master landlord is then covered, because if you defaulted on the sub lease then the person who holds the main lease is then liable to pay your rent.

Like I say I may be talking out of my rear, but when I was looking at taking over an existing lease then this is what would have happened.

One way of getting round this and having your own lease written is to offer a hefty deposit - often a minimum of 6 rental payments as a security deposit.

 

[nik]

I think it might be best to speak to a solicitor about this as you don't want to land yourself in expensive trouble - or at least someone else who leases and understands the pitfalls. jmo:o