Despite a weak economy there seems to be a number of optimists riding out the economic storm by simply cutting overheads. In an attempt to reduce costs, many businesses are choosing to underlet their leased properties, however what seems to be a straightforward cost effective decision can lead to extreme consequences. In a simple underletting, you in effect give occupation of a property to a third party who pays you a rent, whilst you also continue to pay rent to your Landlord.
Solicitor, Laura Hallett at Marsden Rawsthorn Solicitors explains that there is strict compliance with terms of leases when underletting, therefore good preparation is essential. Tenants should ensure that they consider their leases (and any supplementary documentation) carefully and liaise with their solicitors accordingly.
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