The Basics of Forfeiture of Lease Explained

Other Services Essex, GB 2 weeks ago

Description

First, forfeiture is a landlord’s right to terminate the lease of a tenant based on the occurrence of certain events. It is an absolute remedy available to management companies and landlords in both commercial and residential properties. It is undoubtedly a vital tool which must be carefully managed because the right to forfeiture of a lease is indeed not automatic.

The landlord should consider the charges of forfeiture, directly and indirectly, in contrast with the benefits he may enjoy if the breach by his tenant is resolved and he allows such tenant to stay on. Inevitable professional costs compound during forfeiture proceedings. Other fees such as fixing the environment for re-letting, utilities, and maintenance, may affect the landlord negatively if he impulsively opts for the forfeiture of the lease.

Professionals such as MEC Security can further explain the basics of forfeiture of a lease. Some aspects of the forfeiture clause and proceedings may be complicated, and you need expert advice to scale through. It is essential to get it right and avoid mistakes that may be detrimental in the long run.

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MEC Security
MEC Security 2 months ago
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