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What is a landlord waiver? This is a document between a landlord and a lender who provides a loan to a tenant for which the tenant gives security over their assets contained in the property. The landlord’s waiver allows the lender to enter the premises to enforce security over the tenant’s assets if the tenant defaults on their loan repayments. Without a landlord waiver, the lender would first have to obtain permission from the landlord to enter the property.
Landlord waivers are applicable to the majority of business loans, involving assets taken as security and most lenders will request a landlord waiver before agreeing to the loan, in order to prevent additional complications in the event of a default.
Not all financial arrangements taken up by the tenant will require a landlord waiver, but some lenders will not sign off on a transaction without one.
A landlord knows that, if a company they lease property to starts to struggle, that company will be in danger of going out of business if they cannot reimburse their lenders, which means the landlord will lose a paying customer in terms of rent.
Stephensons are the experts when it comes to business and landlord and tenant law, and if you are having issues concerning landlord waivers relating to your business loans, our team of leading business law solicitors can advise you on your options, and the best steps to take for your business.
To find out more about Landlord Waivers in relation to business loans, and how Stephensons can advise your business on the best practices for obtaining and handling landlord waivers, get in touch with us today on 01616 966 229.
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