NT Breaking a Commercial Lease - Best Course of Action?

[sharma]

Hi All,

I have just entered into a five years lease for a retail shop in a small shopping center. This business was opened up by and for two of us, me and my brother-in-law, to work together. Business is as sole trader in my name, all investment is his. The lease is in the names of myself, my husband, and my brother-in-law. But now the situation has arise that my brother-in-law had to leave the country and go to our home country as he is going through separation, he had to take this decision for the better of his 5-year-old son.

Me and My Husband don't want to continue this business without him. We want to shut this business down . But the problem is as this is our first venture and just the beginning, I am not too exposed to the procedures or consequences of the lease break. It's a 5 years lease and it began in 20/05/2015.

What is the best way for us to get out of the lease without being pulled into the legals and not bound to pay the rent for rest of the lease life?

I will really appreciate some suggestions from you guys.

Thanks

Regards

 

[Ivy]

Hi Sharma,

The terms of commercial leases (as opposed to residential leases) generally come down to the terms agreed by the parties. If you want to get out of this lease, firstly you will need to read the terms of the lease. What does it say about breaking early? Can you find someone else to take over the lease? Otherwise, you are probably going to need to engage a commercial solicitor to advise you.