Tenant’s option to purchase the reversion
Tenant’s option to purchase the reversion

The following Property guidance note provides comprehensive and up to date legal information covering:

  • Tenant’s option to purchase the reversion
  • Option to purchase the reversion
  • Schedule 1 [Original] Tenant’s option to purchase the reversion
  • Schedule 2Option Notice
  • The AppendixForm of Transfer

Option to purchase the reversion

  1. 1

    The Landlord and the [Original] Tenant agree in the terms set out in Schedule 1.

Schedule 1
[Original] Tenant’s option to purchase the reversion

  1. 1

    Definitions

  2. In this Schedule unless the context otherwise requires the following expressions have the following meanings:

    Competent Authority

    1. any local authority or government department or any other body exercising powers under statute or by Royal Charter or any utility service or supply company;

    Completion

    1. completion of the sale and purchase of the Landlord’s Interest;

    Completion Date

    1. the date which is [10] Working Days after the date of service of the Option Notice[ or, if later, [10] Working Days after the date of agreement or determination of the Price];

    Contract Rate

    1. [4]% per annum above [insert name of bank] base rate from time to time in force;

    [Deposit

    1. £[insert amount];]

    Independent Valuer

    1. an independent chartered surveyor who has at least [ten] years’ experience of valuing property of a comparable type and in a comparable location to the Landlord’s Interest, acting as expert in accordance with the provisions of paragraph 5 of this Schedule;

    Landlord’s Interest

    1. the Landlord’s [freehold OR leasehold] reversionary interest in