Home – New Forums Starting your journey unregistered lease

  • This topic is empty.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • #972346
    Andy01
    Member
    • Total posts: 2
    Up
    0
    ::

    Can any one help me with this..
    I am looking into a shop. the lease which is unregistered and expires in 9 months.
    Firstly what is an unregistered Lease?
    any suggestions on what to do.

    Cheers Andrew

    #1055573
    themot
    Member
    • Total posts: 150
    Up
    0
    ::
    Andy01, post: 68229 wrote:
    Can any one help me with this..
    I am looking into a shop. the lease which is unregistered and expires in 9 months. any suggestions on what to do.

    Cheers Andrew

    Approach the landlord to extend and register the lease.

    #1055574
    Klublok
    Member
    • Total posts: 70
    Up
    0
    ::

    An unregistered lease is a lease that is not noted on the certificate of title on the property.

    It means that if the landlord decides to sell, the new owner is not obliged to honour the terms of the lease and can evict you.

    There is no requirement for a lease to be registered on title unless it is for more than 3 years. But there may be extra protection/requirements for you if the lease is governed by the Retail Leases Act in your state.

    So, as said above make it a condition of you buying this shop or taking over the business subject to the lease being registered/renewed on the same terms (if you want). Or you can take this opportunity to negotiate new terms with the owner.

    #1055575
    Andy01
    Member
    • Total posts: 2
    Up
    0
    ::

    Thanks Klublok & themot. Your responses were great. I was hard to find anything on the net regarding this issue.

    #1055576
    themot
    Member
    • Total posts: 150
    Up
    0
    ::

    No problem Andy.

    When it comes to a commercial lease you have a fair bit of negotiating power as a tenant because generally they take longer to lease and often the landlord is carrying a bigger loan than say a residential property so they are generally keen to negotiate. So don’t be scared to ask for things, the worst that can happen is they say no.

Viewing 5 posts - 1 through 5 (of 5 total)
  • You must be logged in to reply to this topic.