A Lease is a document that sets out the terms of an agreement between two parties and locks them into that agreement for a period of time. Sometimes the parties later decide that they want to change the terms of that agreement.
So how do we go about locking in place the terms of the new agreement?
The first option is that we surrender the old one and prepare a new Lease. This involves costs which most people want to avoid, so many years ago someone came up with the concept that if you prepared an Extension of Lease for One day, and this document set out the changes that everyone had now agreed to (the Variations) then once everyone had signed it, this document would have the same effect as a new Lease.
The reasoning behind this logic is simple. At Law when a Lease is validly extended, it has the effect of creating a new Lease in the eyes of the Law on the same terms as the original Lease but with any variations that are set out in the Extension document.
So, if you need to lock everyone into the terms of a new agreement, we can do this for you using this much cheaper method.
Regards
Steve Evans