The following Construction guidance note provides comprehensive and up to date legal information covering:
An agreement for lease is an agreement entered into by a property owner or landlord and a tenant, under which the tenant agrees to enter into a lease in respect of the whole or part of a property in the future, following the fulfilment of certain obligations by the landlord as contained in the agreement for lease. From a legal perspective, an agreement for lease is a contract for the sale or disposition of an interest in land and so it will be void unless it complies with Law of Property (Miscellaneous Provisions) Act 1989, s 2 (LP(MP)A 1989). It must:
be in writing
contain or incorporate all of the terms expressly agreed by the parties, and
be signed by or on behalf of the parties
An agreement for lease is needed where the landlord and tenant cannot enter immediately into the lease itself, but need to know that the other party is bound to do so on the agreed terms at the relevant point in the future. The form of lease should be annexed to the agreement for lease to ensure compliance with the statutory formalities for an agreement for the sale of land, or of an interest in land.
An agreement for lease may also be needed where, although the lease can be completed immediately, there are other contractual obligations
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