Assignment of Commercial Retail Lease

Discussion in 'Commercial Law Forum' started by Fannymac, 25 September 2019.

  1. Fannymac

    Fannymac Member

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    We are currently in the final days of purchasing a business from family who have owned it for 20years it was previously owned for 15years. The retail business will Not change In any way. our family have operated this retail business from this Particular premises for the past 9 years , the last 2 with the current owners/landlord. ( I haves worked for the business for over ten years)

    As per the lease stipulation our family have advised the landlord both verbally and in writing they were taking up the 5 year option on the shop and also to ask for their consent to assign the lease to us.

    The State legislation states they have 21 days to reply to my understanding it is then perceived as consent given due to non response. if this date does come without response and we forward them the cover letter to assign the lease to us

    •Can they Legally decline to sign it ??
    • Are we able to finalise the sale and start trading as our business??
    • Will we need to be refer the dispute to arbitration and wait for an official declaration before we can start trading under our name??
     
  2. Rob Legat - SBPL

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    You'll need to disclose the state your in. Each state has different rules around retail leasing.
     
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  3. Fannymac

    Fannymac Member

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