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i own a restaurant and just renovated it, owner doesnt want to renew lease, help pls dont know my options??

I have just renovated my restobar recently and spent quite an investment but was surprised to find out that the property has been sold and the sad part is the new owner doesnt want to renew my lease which expires in 3 months. My old lease says it is renewable that is why i didnt worry about renovating and spending some money. What can i do and what are my options any advice pls? Thanks.

Public Comments

1. If your old lease is still renewable, then you should be okay, as long as the terms of the renewal makes economic sense to you. Contact a Real Estate Attorney immediately. He can best evaluate your situation and notify the new owner your rights to the property.
2. You still have 3months to get the new owner to renew the lease because the new owner when he bought the property in question, he takes over whatever encumbrances that are attached to the property, like the renewable lease you had signed with the original owner. Furthermore, you have renovated the property, relying on the assumption that the lease will be renewed. Also check with a lawyer to see if he can draw up a new lease with the new owner.