Keeping our clients informed is important to us so we regularly publish our thoughts on topics that will be of interest to anyone involved with commercial property. We call them ‘insights’ and we hope you find them of interest.
Varying the terms of a current Lease
A Lease is a document that sets out the terms of an agreement between two parties and locks them into that agreement for a period of time. Sometimes the parties later decide that they want to change the terms of that agreement.
So how do we go about locking in place the newly agreed terms?
The first option is that we prepare a brand-new Lease and surrender the old one. This involves considerable cost which most people want to avoid, so we needed to find an alternative.
Knowing that extending a Lease creates a new Lease in the eyes of the Law allows us to simply extend an existing Lease for a period of one day, set out the newly agreed terms in that document and once everyone had signed it, that extension would have the same effect as a new Lease.
So, if you need to lock in newly agreed terms, we can do this for you using this much cheaper method.