Hi guys
TLDR - if a lease has been made by an old owner, 2+2, can the new owner refuse the option to extend, or does the leasee have the right to 4 years if they wanted it?
I'm looking at purchasing a commercial building currently occupied by a government department in Victoria
you would normally think this is a good thing, but I if I bought I want to use the building for my own business
They are currently on a 2 + 2 lease, let's say the initial lease ends Jan 2015. The agent selling the property is trying to tell me that I can just kick them out Jan 2015. I have no experience with commercial leases but from my reading online it seems this is incorrect, that if they wanted to renew until Jan 2017 I wouldn't have a choice... so which is correct?
I haven't spoken to the govt dept about this yet, but I seriously doubt they would want to move
TLDR - if a lease has been made by an old owner, 2+2, can the new owner refuse the option to extend, or does the leasee have the right to 4 years if they wanted it?
I'm looking at purchasing a commercial building currently occupied by a government department in Victoria
you would normally think this is a good thing, but I if I bought I want to use the building for my own business
They are currently on a 2 + 2 lease, let's say the initial lease ends Jan 2015. The agent selling the property is trying to tell me that I can just kick them out Jan 2015. I have no experience with commercial leases but from my reading online it seems this is incorrect, that if they wanted to renew until Jan 2017 I wouldn't have a choice... so which is correct?
I haven't spoken to the govt dept about this yet, but I seriously doubt they would want to move