Corporate Let on Residential Property Contract Questions
I am letting a house to a corporate client who has a family in the house. The 18 month contract ends in June and they have an 'option' to renew for a further period of 18 months. They want to do this. I'd prefer to be able to sell this property in June 2011 but could hold out until their 18 months is up. But I'm concerned that they could obligate me to keep renewing. The schedule seems to imply that I couldn't get them out before the end of 2011 in any case if I did not renew.
I was wondering if there was someone in RLA I could send a copy of the contract as a PDF along with the schedule and renewal notice so they could have a read of the relevant clauses and give me some advice.
I have financial obligations (loans to pay back)that I could really do with being able to meet by selling the property in June 2011 at the earliest or December next year if left with no alternative and selling the house would be my way of doing this. I also want the equity from it anyway.
It is a large 5 bed house and selling it with a sitting tenant is not really an option from the point of view of getting a buyer and full market value. Could someone give me a call on my mobile.
Lorne Mason (Mr)