Posted: Tuesday, 10 March 2009 @ 09:28
Landlords and tenants frequently agree terms verbally rather than having a formal written lease. Three recent cases have examined whether or not these oral agreements are enforceable.
These cases have confirmed that to be enforceable, an oral agreement must be:
- for a term of no more than 3 years
- at the best rent reasonably obtainable for the premises
- in possession (ie the term of the lease must begin immediately rather than at some date in the future)
If you have entered into a verbal agreement and are unsure whether you can rely on it then contact me for a free business lease review.
Steve Petty, Commercial Property Solicitor
For free advice on this topic please call us on 0845 003 5639.
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