Lease variations – altering course without hitting the rocks

Renegotiation of lease terms happens all the time, and documenting agreements requires variation of the lease.  This is an area which on the face of it may look routine, and which clients may expect to involve a minimum of fuss and expense, but which is full of technical issues and often requires bespoke drafting.  Getting it wrong may involve inadvertently releasing guarantors, conferring security of tenure, adverse impact on rent review, and additional SDLT liability.  It is important to be alive to the pitfalls.

Topics covered in this webinar include:

• Implied surrender and re-grant: the parameters and the unintended consequences
• Adding to the demise by supplemental leases
• Adding to the term by reversionary leases
• The implications where there are former tenants and guarantors
• Formalities of documentation
• Recognising disguised variations