Hi Kellym ... it was a downturn in the retail market that caused me to advise my daughter to cut her losses now as the shop was becoming a big, black financial hole. What started out as a family business a few years back I transferred to my daughter at the beginning of last year as, being a sole trader, this was the most likely way of keeping it going. Then, unbeknown to me as she didn't want to upset me, she got behind with the lease payments so that she could invest in stock ... that financial cycle if if you 'aint got it, you can't sell it, to make the money to pay the lease [:(]
When I realised what had happened I advised her to have a major 'closing down' sale and get out whilst she was still afloat. The lease though is still my responsibility which is why the landlord is chasing me.
As far as I believed, if the landlord accepts the keys from you he is essentially saying that "I am allowing you to surrender the lease" ... but you will need an expert to confirm this.
Debbie
www.babynamings.co.uk
www.soulgrowth.co.uk
