How to satisfy break option conditions

Emma Humphreys and Emma Preece
Additional contact information
Emma Humphreys: Charles Russell Speechlys LLP, UK
Emma Preece: Charles Russell Speechlys LLP, UK

Journal of Building Survey, Appraisal & Valuation, 2023, vol. 12, issue 1, 39-47

Abstract: This paper provides a detailed overview of how to validly exercise a break clause in a lease. While straightforward in theory, break notices frequently end up before the courts as the margin for error is small and implications high. There have been several high-profile cases in recent years where the validity of break notices has been challenged as the break clause has not been complied with ‘to the letter’. If successful, this will often result in the lease continuing (including obligations relating to payment of rent) until the lease expires or terminates for some other reason. This paper addresses some of those challenges, including ensuring valid service of a break notice and compliance with common conditions attached to the break (such as returning the property with vacant possession and complying with the lease covenants). There is a wealth of case law in each of these areas, with this paper providing an insight on the key issues to be aware of, and most notable reported cases.

Keywords: service; conditions; vacant possession; Mannai; Capitol Park (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://hstalks.com/article/7872/download/ (application/pdf)
https://hstalks.com/article/7872/ (text/html)
Requires a paid subscription for full access.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aza:jbsav0:y:2023:v:12:i:1:p:39-47

Access Statistics for this article

More articles in Journal of Building Survey, Appraisal & Valuation from Henry Stewart Publications
Bibliographic data for series maintained by Henry Stewart Talks ().