We are often asked to work on behalf of tenants and/or landlords to negotiate terms in which a commercial property’s lease and contract are brought to an end early. When a lease is surrendered, the lease term comes to an end and the tenant’s interest passes to its landlord. Our commercial property litigation solicitors are experts in advising and managing lease surrender negotiations on behalf of tenants and landlords.
In essence, an agreement to surrender must be in writing pursuant to Section 2 of the Law of Property (Miscellaneous Provisions) Act 1989. When dealing with the surrender of a lease, either as a tenant or landlord, it is important to consider any third-party interests such as mortgages.
When the landlord and tenant have both agreed to bring the tenancy to an early close, a formal surrender deed should be signed to give both the landlord and tenant security in their dealings going forward.
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