Did you know we are Commercial Forfeiture of Lease Specialists?
What does this mean?
Forfeiture of lease is a legal process whereby a landlord terminates a lease agreement with a tenant due to a breach of the terms of the lease. When a lease is forfeited, the tenant loses their right to occupy the premises and the lease is terminated.
A lease can be forfeited in several ways, including:
- Non-payment of rent: If the tenant fails to pay the rent on time, the landlord can serve a notice requiring the tenant to pay the arrears within a specified time period. If the tenant fails to pay the arrears, the landlord can seek to forfeit the lease.
- Breach of other lease terms: If the tenant breaches other terms of the lease, such as subletting the property without permission, the landlord can serve a notice requiring the tenant to remedy the breach within a specified time period. If the breach is not remedied, the landlord can seek to forfeit the lease.
- Insolvency: If the tenant becomes insolvent, the landlord can seek to forfeit the lease. This is because the tenant's insolvency can make it difficult for the landlord to recover any outstanding rent or other sums due under the lease.
The process of forfeiting a lease usually involves the landlord serving a notice on the tenant, giving them a specified period of time to remedy the breach. If the breach is not remedied within that time, the landlord can apply to court for a possession order to take back the premises.
It is important to note that forfeiting a lease is a serious matter and should not be undertaken lightly. Landlords should seek legal advice before taking any steps to forfeit a lease, as there are strict legal procedures that must be followed. We can do this all for you!
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