Our lease rent agreement with a bank expired on 31-12-2017. We have submitted an offer letter (in the format given by the bank) 6 months before the expiry of agreement to the bank. No proper response from their side. What should we do as owner of the premises and what are the rights we have in this regard. They are paying Rent as in the old agreement. If they try to vacate the premises how to decide the rent for the period after expiry of the agreement. How to give legal notice to the bank (i.r.o rent & minimum time period to vacate) in this regard.
4 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177801 Points)
Replied 23 November 2018
Everything depends upon the respective clause/s incorporated in the (expired) lease agreement.
If no specific clause, have to issue notice for vacating the space, on expired terms.
ramesh
(Accountant)
(261 Points)
Replied 23 November 2018
The bank is in our premises since 1998. Agreement is for ten years ( 5 years certain and 5 years optional). Last time also ( in 2008) they took 7/8 months to enter into new agreement. This time already 10 months over. If they took time to vacate our premises, how can we ask them for revised rent for the period after 31-12-2017. How much minimum period can we give them to vacate the premises?
ramesh
(Accountant)
(261 Points)
Replied 23 November 2018
Thank you sir,
The bank is in our premises since 1998. Agreement is for every ten years ( 5 years certain and 5 years optional). Last time also ( in 2008) they took 7/8 months to enter into new agreement. This time already 10 months over, not responding still. If they took time to vacate our premises, how can we ask them for revised rent for the period after 31-12-2017. How much minimum period can we give them to vacate the premises?
VARUN MAHAJAN ADVOCATE
(Proprietor)
(339 Points)
Replied 23 November 2018
As said by Mr Rambhia you need to check your agreement, moreover take your paper to nearest advocate.
As per my experience bank would have defiantly drawn the agreement in their favour
As per my experience bank would have defiantly drawn the agreement in their favour
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