PPRuNe Forums - View Single Post - Fairoaks - large part for sale.
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Old 21st Oct 2011, 07:49
  #13 (permalink)  
ilfly
 
Join Date: Jun 2007
Location: Cobham, Surrey, UK
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PilotPieces... Prior to Fairoaks being sold by Mr Mann and Mr Papadakis, all the tenants on the airfield (ie everything except the Alan Mann Group companies) were on very unusual leases. The "lease" was a "tenancy at will" which provided for either side to terminate the agreement on one day's notice. The presumption was that if AM wanted to sell, then he could give "vacant possession" immediately. On the other hand, it also led to some "moonlight flits" with some rented office keys being posted back through the airfield manager's letter box !! I do not know whether this situation changed after the airfield changed hands.
A delayed reply to this post but hey!!

The situation is still the same although it's not a days notice but one month or three months.

"Moonlight flits" will happen irrespective of the length of a lease. If someone can't pay they disappear and the unit will become available to someone who will pay. The flipside for a landlord is that if they have a long lease and someone goes they cannot re-let the property quickly, otherwise they are, by that action, accepting the termination of he leaving party and will not be able to pursue for the full terms of lease. Leashold law is quite a complicated area and I am no expert.

In the last few weeks it has been intimated that they are trying to get 5 year leases for new occupiers - On a full repairing and insuring basis.!!! Would you take a building of mixed construction, that contains asbestos in some areas, and take on that liability.

Once again money men trying to build value before a resale.
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