In July, 2014 as owner of commercial premises, I entered into a commercial lease with tenants for one year with a five year option followed by another five year option.. Although the tenants have written indicating they wish to take out the initial five year option, they are balking at signing the commercial lease and despite repeated requests to them for the last three months, this has not happened .
While I understand that all the conditions agreed in the initial one year lease apply to subsequent renewals and they have continued to pay the rent accordingly, commitment to a lease by them and security of tenure, is preventing me from refinancing, selling or even using the equity in the premises as security for other ventures.
Any thoughts on my rights under Commercial Law in this situation would be greatly appreciated.
While I understand that all the conditions agreed in the initial one year lease apply to subsequent renewals and they have continued to pay the rent accordingly, commitment to a lease by them and security of tenure, is preventing me from refinancing, selling or even using the equity in the premises as security for other ventures.
Any thoughts on my rights under Commercial Law in this situation would be greatly appreciated.