Tomorrow is Michaelmas, 29 September – the next quarter day under the majority of commercial leases in England and Wales. In the midst of an economic crisis, as huge rental payments fall due, landlords are increasingly being requested to accept monthly instead of quarterly payments from tenants. See, for example, the recent press coverage of the plight of the furniture retailer MFI (click on: MFI article in The Times in which MFI are reportedly seeking permission to convert to monthly rent payments.
This month’s Commercial Property Information Update (CPI Issue 61 – October 2008), to be published on 29th September, contains practical advice on the legal implications of landlords’ accepting monthly payments.