This is a complex area which depends on many factors.When was the lease originally granted? Leases can be bought and sold (assigned) so if you took over an existing lease it is irrelevant when you started but when it was originally granted.If the lease was granted before 1 Jan 1996 it is an old lease. In which case the original tenant will remain liable for the entire term of the lease. Any subsequent tenants may not be liable after they sell, but they would almost certainly have been required to enter into agreements to be liable for the rent for the entire remainder of the term. So if your lease is an old lease then your landlord can chase you for unpaid rent in the future.If the lease was granted on or after 1 Jan 1996 it is a new lease. In this case old tenants cease to be liable as soon as the new buyer completes their purchase of the lease. However, the landlord can (and almost certainly will) require the outgoing tenant to enter into an Authorised Guarantee Agreements (AGA). This means that you could be chased for rent while the person who bought from you is still there. As soon as they sell you are in the clear (and they have to give and AGA for their buyer etc).In either case the landlord can has to serve notice on you within 6 months of the rent becoming due, so you cannot be liable for more than 6 months rent. And if this does happen you can insist on becoming an overriding landlord. IE you become the landlord of the bad payer and you in turn are the tenant of the main landlord. This gives you the right to take some action against the bad payer, such as forcing them out allowing you to find a better tenant.Depending on the terms of your lease you may have other options such as a break clause. You need to talk to your solicitor to get advice specific to your circumstances.
In the UK Yes. I have the same problem. I sold on a new 15 year lease and I am responsible for the rent until the 15 years are up. There are some leases with an AGA (Authorised Guarantee Agreement) whereby you would have to pay your buyers rent until you find another buyer, and when they sell they are responsible for the rent. Mine is not one of those. You are also responsible for their depreciation s and the landlords fees, however the lease then reverts back to you and you can sell it again. Business leases are a minefield and you need advice from a Solicitor.
I had the same experience, but as the buyer.I found that the easiest way was to write a new lease ... the landlord was happy to know the truth, and I got better terms than the original lease.To answer your question, yes, you are responsible unless the lease is assignable. In this case, the landlord agrees to transfer the lease to the new business owner.If you plan to sublease, you would be violating the lease if sub-leasing is prohibited. If subs are ok ... you are still ultimately responsible to the landlord ... not just for rent ... property that is damaged, insurance, etc.
