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INSIGHTS

Varying the Terms of an Existing Lease

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 some of the terms of that agreement.

So how do we go about locking in place the newly agreed terms?

The first option is that we prepare a brand-new Lease and surrender the old one. This involves considerable cost which most people want to avoid, so we needed to find an alternative.

Knowing that by extending a Lease (even for a very short period) creates a new Lease in the eyes of the Law, allows us to simply extend an existing Lease for a period of one day, set out the newly agreed terms in that document and once everyone had signed it, that extension will have the same effect as a new Lease.

So, if you need to lock in newly agreed terms, we can do this for you using this much cheaper method.

Regards                                                               

Steve Evans

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© 2020 The Lease Bureau.
All rights reserved.
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