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Leasehold

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  • 19-06-2006 5:25pm
    #1
    rosary
    Registered Users Posts: 10 ✭


    Can someone tell me , where to find out the legalities attached to leaseholds on shops. The one I am interested in, has 10 years left, on it at 75,000.
    Also a rent of 30,000 p.a. How am I covered for public liability, if the owner wants to sell and so on ?

    Thanks


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    #2
    Darragh29
    Closed Accounts Posts: 7,097 ✭✭✭Darragh29


    rosary wrote:
    Can someone tell me , where to find out the legalities attached to leaseholds on shops. The one I am interested in, has 10 years left, on it at 75,000.
    Also a rent of 30,000 p.a. How am I covered for public liability, if the owner wants to sell and so on ?

    Thanks

    Almost all commercial leases now are on a FRI basis Rosary (Full Repairing & Insuring). The Insuring bit in this means it is up to the tenant to insure the property on behalf of the landlord. Public & employers liability is something you have to source yourself in addition to the building insurance. The landlord can only sell the property with the existing lease. You cannot be turfed out if there is a change of ownership, but you could be bought out of the lease if you agreed to this.


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    #3
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    the leesee probably wants to reassign it as theres a rent review coming up (every 3-5 years) and knows the rent will be alot more maybe 50 grand hence the disposal before the review... happens all the time. considering ul b paying market rent its crazy theres a premium unless u are taking on a running business with good profits etc or an amazing location like grafton street.
    also check the rates bill, will be circa 3-5 grand per year.

    also check the use u want to use it for is a permitted use under lease and whether ul need planning. finally ul need to be vat registered as 10 year leases are capitalized for vat and the vat bill will be around 20 grand due on completion.


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