URGENT - Advice on signing a new commercial lease

[Henry1970]

I would be grateful if someone could provide me some legal advice on signing/extending a new lease on a commercial premises. I am selling my half of the company to my business partner's boyfriend, yet he will not take over the business until the lease has been extended. Does this mean that I will have to sign a new 20 year lease before he will be happy to buy? If I do sign the lease, will there be any repercussions/expenses for me once I have signed the business over? And will I have to pay to have my name taken off the lease? Many thanks in advance.

[Onlylawsite]

I would be grateful if someone could provide me some legal advice on signing/extending a new lease on a commercial premises. I am selling my half of the company to my business partner's boyfriend, yet he will not take over the business until the lease has been extended. Does this mean that I will have to sign a new 20 year lease before he will be happy to buy? If I do sign the lease, will there be any repercussions/expenses for me once I have signed the business over? And will I have to pay to have my name taken off the lease? Many thanks in advance.

Yes based on the facts you will have to first extend the Lease before he will take over the Lease in a process knows as assignment.

In terms of repercussions/ expenses, you may have to pay your Landlords reasonable legal costs for the extension of the Lease and you may have to contribute towards the Legal costs of the Assignment.

It is difficult to say what else you may be liable for without first seeing the Lease, so it is recommended you visit a Solicitor with the relevant documentation.