Hi,
I own a half share in a commercial building, leased to a services company which appears to be run ok, but tenant has been slow during first year to pay rent despite it being at a reduced rate, coming into second year he will be 3 months behind next week, despite trying to make contact through all forms he is never available or there (on site?).
The lease is auck law society, unfortunately the penalty clause is only 12 percent which is hardly a deterent, as he could well be paying more than that for stock.
my question is the penalty interest accreued how often ie pa?
has anyone got any advice on best steps to deal with this tenant to get money?
I am optomistic (rightly or wrongly) about the tenants business long term and they have 4 years to go on tenancy.
I have tried communicating with him via email and phone and visiting premises and never get to talk.
Thanks in advance
I own a half share in a commercial building, leased to a services company which appears to be run ok, but tenant has been slow during first year to pay rent despite it being at a reduced rate, coming into second year he will be 3 months behind next week, despite trying to make contact through all forms he is never available or there (on site?).
The lease is auck law society, unfortunately the penalty clause is only 12 percent which is hardly a deterent, as he could well be paying more than that for stock.
my question is the penalty interest accreued how often ie pa?
has anyone got any advice on best steps to deal with this tenant to get money?
I am optomistic (rightly or wrongly) about the tenants business long term and they have 4 years to go on tenancy.
I have tried communicating with him via email and phone and visiting premises and never get to talk.
Thanks in advance
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