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assignment lease
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legenddj View Drop Down
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Joined: 04/February/2009
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Posts: 45 		  Quote legenddj Quote  Post ReplyReply Direct Link To This Post Topic: assignment lease
    Posted: 06/November/2009 at 12:54
if the buyer and seller of a business in a contract of sale agree to the assignment of leases of the buildings were the business operates but then the seller only sublets the premises to the buyer would that be a breach of contract.and would the buyer also be in breach of contract because they did not go ahead with assignment lease.

Edited by legenddj - 06/November/2009 at 13:02
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MartinO View Drop Down
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Posts: 1792 		  Quote MartinO Quote  Post ReplyReply Direct Link To This Post Posted: 06/November/2009 at 13:30
I would have thought that the significant matter was the sale of the business, has that gone ahead?

As far as the other part goes the seller has a lease on the building where the business is conducted and has agreed to assign that lease to the purchaser of the business, is that correct? Was this assignment a condition of sale of the business?

They have sublet the premises to the new owner of the business? Could that be because the owner of the building would not agree to the lease assignment? And by doing this the new owner of the business can still operate out of the same premises? If so I don't think they have much of a case.
I am NOT a lawyer. Anything said is NOT legal advice.
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legenddj View Drop Down
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Posts: 45 		  Quote legenddj Quote  Post ReplyReply Direct Link To This Post Posted: 06/November/2009 at 15:52
it states the seller will assign his interest in the lease relating to the buildings both parties agree that the assignment will be subject to landlords approval.as the business was sold over 7 months ago you would assume the landlord had approved.this was in the special conditions

Edited by legenddj - 06/November/2009 at 15:54
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MartinO View Drop Down
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Posts: 1792 		  Quote MartinO Quote  Post ReplyReply Direct Link To This Post Posted: 06/November/2009 at 20:31
So go back and ask them to assign the lease.
I am NOT a lawyer. Anything said is NOT legal advice.
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