Hi,
I've taken over a commercial lease in January 2016, it is expiring in 2021.
I have been running a restaurant in that location for a year before realising that the rent is too expensive to break-even in that location. In January 2017, I have started looking for a new tenant by employing 2 real estate agents as well as posting the ad myself and showing people through.
I kept paying rent until January 2018 at which point I ran out of capital to sustain it. During that year I have had a few strong applicants submit their applications, and the owner declined both of them.
First one was happy with everything and wanted to provide a 3 month bond, when the landlord wanted 6 months. The second one wasn't even given a reason.
A few months later, I get a phone call from the landlords agent saying that they are happy with 3 months bond, but the applicant obviously wasn't interested anymore. After my solicitor approached the owners solicitor to resolve the matter, by saying that it has been enough time and with the landlord declining 2 applicants I am not able to pay anymore, except $25k to break the lease, the owner declined everything and said that he is taking the bank guarantee and is not willing to let me out of the lease.
I have reason to suspect that my solicitor was influenced by the other solicitor as I noticed a change in behaviour after that day - before we put the offer through my solicitor felt strongly that we have a case and can take it further to end this, and after he kept saying that we have to keep looking and find another tenant.
The bank guarantee runs out next month and I need help, please let me know your thoughts.
Thanks in advance for your time.
I've taken over a commercial lease in January 2016, it is expiring in 2021.
I have been running a restaurant in that location for a year before realising that the rent is too expensive to break-even in that location. In January 2017, I have started looking for a new tenant by employing 2 real estate agents as well as posting the ad myself and showing people through.
I kept paying rent until January 2018 at which point I ran out of capital to sustain it. During that year I have had a few strong applicants submit their applications, and the owner declined both of them.
First one was happy with everything and wanted to provide a 3 month bond, when the landlord wanted 6 months. The second one wasn't even given a reason.
A few months later, I get a phone call from the landlords agent saying that they are happy with 3 months bond, but the applicant obviously wasn't interested anymore. After my solicitor approached the owners solicitor to resolve the matter, by saying that it has been enough time and with the landlord declining 2 applicants I am not able to pay anymore, except $25k to break the lease, the owner declined everything and said that he is taking the bank guarantee and is not willing to let me out of the lease.
I have reason to suspect that my solicitor was influenced by the other solicitor as I noticed a change in behaviour after that day - before we put the offer through my solicitor felt strongly that we have a case and can take it further to end this, and after he kept saying that we have to keep looking and find another tenant.
The bank guarantee runs out next month and I need help, please let me know your thoughts.
Thanks in advance for your time.