manxfisherman Posted October 20, 2022 Share Posted October 20, 2022 (edited) https://www.facebook.com/bodycraftfitnessme/posts/599447041970183 Edited October 20, 2022 by manxfisherman Quote Link to comment Share on other sites More sharing options...
Roger Mexico Posted October 20, 2022 Share Posted October 20, 2022 May be more complicated than that though. The tenants may have counter-claims against the landlord to start with or they may be dispute about the terms of the lease. Quote Link to comment Share on other sites More sharing options...
mad_manx Posted October 20, 2022 Share Posted October 20, 2022 6 hours ago, Gladys said: No, not tough shit, but realism. What would you like to see happen? A change in the law which requires renegotiation of leases when economic factors make the lease onerous? I suppose all those who stretched themselves and gazumped the residential property market here will also want some get out clause after interest rates have gone up. I know several families who are trying to sell as they cannot afford to remortgage . While I don't know the details of this case remember that most landlords will also have a mortgage to service. And if no rent comes through they will be the ones in trouble. Quote Link to comment Share on other sites More sharing options...
Asthehills Posted October 20, 2022 Share Posted October 20, 2022 6 minutes ago, manxfisherman said: https://www.facebook.com/bodycraftfitnessme/posts/599447041970183 If they have enough spare cash to pay lawyers, maybe the landlord would have appreciated a bit more paid off his arrears? Quote Link to comment Share on other sites More sharing options...
Manxweegie Posted October 20, 2022 Share Posted October 20, 2022 I am confused why there is so much sympathy. Surely if their members had stopped paying to use their facilities they would have blocked them using? Quote Link to comment Share on other sites More sharing options...
manxfisherman Posted October 20, 2022 Share Posted October 20, 2022 2 minutes ago, Asthehills said: If they have enough spare cash to pay lawyers, maybe the landlord would have appreciated a bit more paid off his arrears? See, this is where the deck is so badly stacked. "Oh you owe us money, we want it all, we'll just act like cunts and you can't do anything about it cos the legal system is so convoluted and you need to hire someone to help you with it but you can't pay them cos we're taking all your stuff" Fuck off. Quote Link to comment Share on other sites More sharing options...
Asthehills Posted October 20, 2022 Share Posted October 20, 2022 1 minute ago, manxfisherman said: See, this is where the deck is so badly stacked. "Oh you owe us money, we want it all, we'll just act like cunts and you can't do anything about it cos the legal system is so convoluted and you need to hire someone to help you with it but you can't pay them cos we're taking all your stuff" Fuck off. Wow. It’s a valid observation. If someone has a grand that they can suddenly call on to pay a lawyer and have an outstanding liability with their landlord, then they should have been paying that to the landlord and cutting right back on other spending until the debt was clear? I don’t think that is unreasonable or controversial is it? Quote Link to comment Share on other sites More sharing options...
manxfisherman Posted October 20, 2022 Share Posted October 20, 2022 No point in engaging with someone who drives a magic car, I shouldn't have bothered. 1 Quote Link to comment Share on other sites More sharing options...
Roger Mexico Posted October 20, 2022 Share Posted October 20, 2022 3 minutes ago, Asthehills said: Wow. It’s a valid observation. If someone has a grand that they can suddenly call on to pay a lawyer and have an outstanding liability with their landlord, then they should have been paying that to the landlord and cutting right back on other spending until the debt was clear? Because if you read their Facebook post it says: On Tuesday the Landlord of the building we lease, changed the locks and has forced our temporary closure with no notice. And where as we appreciate there was some debt owing due to Covid the amounts have greatly decreased and we were in negations for a new long term lease on the expiry of ours in around 2 years completing a 10 year agreement. We the company feel this is unnecessary and is heavy handed to force our closure. We are engaging with lawyers to have the doors back opened so we can complete our lease term (my bold). So they say they have been paying off the arrears. 1 Quote Link to comment Share on other sites More sharing options...
mad_manx Posted October 20, 2022 Share Posted October 20, 2022 (edited) 2 minutes ago, Roger Mexico said: Because if you read their Facebook post it says: On Tuesday the Landlord of the building we lease, changed the locks and has forced our temporary closure with no notice. And where as we appreciate there was some debt owing due to Covid the amounts have greatly decreased and we were in negations for a new long term lease on the expiry of ours in around 2 years completing a 10 year agreement. We the company feel this is unnecessary and is heavy handed to force our closure. We are engaging with lawyers to have the doors back opened so we can complete our lease term (my bold). So they say they have been paying off the arrears. Looks like they were trying their best to clear the debt . But obviously if we don't know what was outstanding 'greatly' doesn't mean much . Edited October 20, 2022 by mad_manx Quote Link to comment Share on other sites More sharing options...
offshoremanxman Posted October 20, 2022 Share Posted October 20, 2022 (edited) 34 minutes ago, mad_manx said: Looks like they were trying their best to clear the debt . But obviously if we don't know what was outstanding 'greatly' doesn't mean much . A lot of landlords (the really awful ones you don’t want to deal with) booked their covid rent relief as a rental debt that needed to be repaid and not rent relief. So they might have let you off four months rent when you were closed due to covid but they now expect the four months back rent to be repaid as a debt on the lease. As opposed to the good landlords who wrote the covid shortfall off as rent relief and just let you start repaying rent when you were trading again. If you have the former as a landlord the debt just keeps on rolling on top of your existing payments and they want it back so it’s easy to understand how some businesses can have large arrears. Some landlords here have been utter twats over covid and some have been brilliant. Edited October 20, 2022 by offshoremanxman 4 Quote Link to comment Share on other sites More sharing options...
Gladys Posted October 20, 2022 Share Posted October 20, 2022 (edited) 2 hours ago, mad_manx said: I suppose all those who stretched themselves and gazumped the residential property market here will also want some get out clause after interest rates have gone up. I know several families who are trying to sell as they cannot afford to remortgage . While I don't know the details of this case remember that most landlords will also have a mortgage to service. And if no rent comes through they will be the ones in trouble. I was going to raise the issue of borrowing, as there may well be a rent covenant which gives the landlord little scope to negotiate a rent reduction without beaching the terms of borrowing. During the turmoil of 2008, many borrowing landlords found themselves in breach of the loan to value covenant, purely because values plummeted. The tenants may have been top notch, still in situ and paying the rent, but many had the properties repossessed. Eta I am not without sympathy for the business, but we do not know all the facts, nor is a trial by public opinion likely to resolve anything. It is a private matter between the business and landlord. Different matter if the landlord was a government body. Edited October 20, 2022 by Gladys 2 Quote Link to comment Share on other sites More sharing options...
offshoremanxman Posted October 20, 2022 Share Posted October 20, 2022 58 minutes ago, Gladys said: I was going to raise the issue of borrowing, as there may well be a rent covenant which gives the landlord little scope to negotiate a rent reduction without beaching the terms of borrowing. Highly unlikely in the case of this landlord that any borrowing of any kind was needed. Quote Link to comment Share on other sites More sharing options...
NoTailT Posted October 20, 2022 Share Posted October 20, 2022 11 minutes ago, offshoremanxman said: Highly unlikely in the case of this landlord that any borrowing of any kind was needed. You're most likely right but as you also probably know, many HNWI's run debt structures with their assets to further other projects. 1 Quote Link to comment Share on other sites More sharing options...
Wavey Davey Posted October 20, 2022 Share Posted October 20, 2022 6 minutes ago, NoTailT said: You're most likely right but as you also probably know, many HNWI's run debt structures with their assets to further other projects. But then he’s driving round in a brand new Ferrari whilst locking people out of his property over rent arrears. 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.