We purchased a business located on land that was leased to someone else at the time. There was a second business located on the land which this person was leasing, however their commercial lease agreement covered all the land.
We were not paying rent to the landlord once we purchased, however our sale agreement included a clause that if the other tenant left we would pick up his lease i.e. the landlord would still get money from someone using the land. Instead, the other tenant has purchased the freehold and is now the new landlord i.e. he is the landlord of his own lease which still has two years to run.
We have been told that lease is no longer valid and we must sign a new lease with him i.e. we lose the remaining two years free rent. Can he do this?
We were not paying rent to the landlord once we purchased, however our sale agreement included a clause that if the other tenant left we would pick up his lease i.e. the landlord would still get money from someone using the land. Instead, the other tenant has purchased the freehold and is now the new landlord i.e. he is the landlord of his own lease which still has two years to run.
We have been told that lease is no longer valid and we must sign a new lease with him i.e. we lose the remaining two years free rent. Can he do this?
