If I hold a shop on lease and wish to transfer the lease to one or more of my children, are tenders required?

Tenants who attain the age of 61 years may transfer their tenancy to any of their children or grand-children, without the need for tenders, but the yearly rent will be increased by 10% for every period of 10 years or part thereof, that would have passed since the original rent was established.  To do so you will need to submit an Application for the Transfer of Commercial Property (Retirement Procedure).

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