Ending a lease

[Global Assistant]

My husband and I used to have a kitchen showroom which we closed own in an effort to save money (made employees redundant etc) as business has been severely affected by the economic climate. We still have 18 months left on the lease and we are still having to pay the monthly rent.
Apart from the obvious options of subletting the building, are there any other options for us to be able to end the lease early? For example do you think the landlords would be open to a one off lump sum payment?
Thanks in advance for any advice

[Indizine]

I presume your lease allows you to sublet?

You could strike a deal whereby you can get out early if you can find someone to take over your lease. It's worth a try.

[accountantpete]

We had a similar situation on the forum last year - the landlord's legal bods were advising them as a matter of routine not to accept a reduction in the period of the lease as it was getting increasingly difficult to re-let business premises.

[Global Assistant]

This is what we are fearing. The guy who has the business next door was interested in taking it over so he could expand his business. Unfortunately the landlords have dragged their heals so much with it and have taken in another person to view the building who they reckoned would give them more money that he has lost interest. As far as we are aware the other people are not taking it either so we are landed back with the whole mess.

[United Business Cent]

I would suggest speaking to your landlord katherine, it probably won't work but you never know. What have you got to lose?

[Global Assistant]

Just a quick update on the situation which has all but been resolved (fingers crossed). We have discussed surrendering the lease with the landlords for a one off payment. A figure has been agreed which equates to about half what we would have to pay if we went to the end of the lease. Alot of money I know, but at least it will bring an end to things and save us alot of money. They have also waved the dilapidation.

We are now just waiting for the solicitors letter to come through so we can make sure everything looks OK, pay the money and we can finally move on with our lives.

[Indizine]

Glad to hear you got things sorted Katherine