prospective buyers to restart business

[k70]

hi,

i have a commercial property which stopped trading recently, due to which i opted for IVA, but i have prospective buyers who would like to restart the business with all new licence arrangements.

do i have any limitations to grant the licence or lease to prospective buyers to start the business in my property, if so do i need to obtain permission from mortgage lender?

what are the rights of the lenders (because there is an outstanding mortgage amount of 600,000 pounds on the property)?

plz do let me have these answers

[MelanieGiles]

Hi kyo and welcome to the forum

I am assuming that you are already in an IVA?

Are you up to date with your mortgage payments and is there any equity in the property. Also how is it intended to deal with the property in the IVA?

If you are intending on granting a lease to a tenant, you must get the mortgage company's permission in the first instance, and then also your Supervisor's. The rental income you charge will be counted as income in your IVA, but in principle there is nothing stopping you from granting a licence or lease during the course of an IVA so long as it is fully disclosed to all interested parties.