The following Property Disputes Q&A provides comprehensive and up to date legal information covering:
For the purposes of this Q&A, we have assumed that the tenant exercised an option to renew requiring the landlord to grant a new lease on expiry of the lease.
A contractual option to take a lease for a further term is a ‘call’ option. It confers a unilateral right on the tenant to call for a renewal lease (often subject to conditions precedent such as all rents being paid up to date and the tenant not being in material breach of covenant). There is no obligation on the tenant to exercise their right, but if they do, the landlord is bound to perform their part of the bargain.
A call option is a contract for the sale of land within section 2 of the Law of Property (Miscellaneous Provisions) Act 1989 (LP(MP)A 1989). It must:
be in writing
contain or incorporate all of the terms expressly agreed between the parties, and
be signed by or on behalf of each party
The tenant’s notice of exercise is simply a mechanism to
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