Dear Lanlord please give some advice to your tenant

[webby]

Dear Lanlords,

I seek your knowledge and guidance with the hope that you could shed some light into my dilemmas.

About six months ago I took over a lease with nine years remaining. Within this lease I was able to go about doing my business of catering with A3 license. Unfortunately the times are hard and I’m struggling to get on my feet, there’s no more capital, bank does not want to know and beginning to fall arrears with the rent. Other creditors are becoming impatient, to cut the long story short I need to sell my lease (undersign) or end up losing everything.

Now on to my dilemma, you could say I have some experience from a buyer’s perspective as I was one myself not so longer ago. However the shoe is now on the other foot, I am trying to sell on this lease, so how do I go about asking the landlord and convincing him so that he grants my license to assign. Once that first hurdle cleared, how long do I need to wait before the completion of the transaction thus leaving me with the monies to pay debtors? I am aware that there is no definite answer to the latter question, but from your experience is there anything I can do to make this transaction as rapid as possible?

And here’s my second dilemma. I have been approached by a would-be buyer who has offered to relieve me of my problem by giving me ¼ of the asking price to occupy the premises then the remaining sum upon signing and completion. Is this normal practice? The would-be buyer has a proven track record, he has another business and I am convinced there is no ill intention however I would like remain cautious. Is there anyway in term of solicitors drawing up contracts ensuring I receive the money upon completion?

I don’t expect you to answer me in a long essay and I am aware that I’ll need to seek legal advice however they do not come cheap therefore I appreciate all your advice no matter how brief.

Your’s
Depress Tenant

[Editor]

I would speak to your landlord in the first instance and come clean. Explain the situation as you have here. If you have a reasonable landlord he should cooperate in your efforts to get yourself sorted out, perhaps even by re-scheduling some rent payments in the short term.
To sub let in the short term pending assignment would need your landlord's permission, but this could be a good way out.
The danger is you create a full tenancy with the sub tenant, but you can let for 6 months without creating a tenancy under the Landlord & tenant Act 1954.
You need to refer back to your lease terms of course, but assignment is usually allowed and your landlord cannot unreasonably object or delay. It sounds like you have a reasonable prospective tenant so the process should go reasonably smoothly - without complications an assignment should be easily possible to complete in 3/4 weeks.
You will need to consult a solicitor on this of course. If you do not already have one see our Directory for specialist property solicitors here:
http://www.landlordzone.co.uk/dir/solicitors-legal.htm