Surrendering a lease is an agreement between the parties to end the lease early often due to the tenant no longer requiring the property or the landlord wanting the tenant out as they have other plans for the property. Similarly a landlord or tenants will sometimes wish to renegotiate the terms of the lease often referred to as a ‘lease re-gear’ often in return for an extended lease or financial incentive.
JMC advises clients in relation to the early surrender of leases, removal of break clauses, variation of lease terms, rent reviews and the extension of a lease. Often these are complex negotiations where the risks are balanced against the client expectations and market conditions. We work closely with our building surveyors when negotiating surrenders to ensure that the client is advised in relation to their dilapidation liabilities.