This website uses cookies to ensure you get the best experience on our website. Learn more

LPC Law Notes Property Law and Practice Notes

Lease Rent Review Provisions Annotated Notes

Updated Lease Rent Review Provisions Annotated Notes

Property Law and Practice Notes

Property Law and Practice

Approximately 490 pages

A collection of the best LPC PLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".

In short these are what we believe to be the strongest set of PLP notes available in the UK this year. This collection of notes is fully updated for recent exams, a...

The following is a more accessible plain text extract of the PDF sample above, taken from our Property Law and Practice Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:

SCHEDULE 2: THE RENT AND RENT REVIEW

2-1 Meaning of 'Open Market Rent'

For the purpose of this Lease 'Open Market Rent' means the best rent at which the Premises might be let on the open market as a whole or in parts (whichever shall produce the higher rent) on the relevant Review Date by a willing landlord to a willing tenant without any premium and with vacant possession of the whole and subject to the provisions of this Lease (excluding the provisions relating to rent but including the provisions for review of rent) as varied from time to time for a term equal to 15 years commencing on the relevant Review Date the unexpired residue of the Contractual Term at the relevant Review Date but,

2-1.1 Assumptions

on the assumption that at the relevant Review Date:

2-1.1.1 the Premises are in a physical state to enable them be lawfully used by the willing tenant (or any assignee of the willing tenant) for any purpose permitted by this Lease,

2-1.1.2 no work has been carried out to the Premises by the Tenant its sub-tenants or their predecessors in title during the Term which has diminished the rental value of the Premises,

2-1.1.3 if the Premises have been destroyed or damaged they have been fully restored, and

2-1.1.4 the Tenant's Covenants and the Landlord's Covenants have been fully complied with,

2-1.2 Disregards

but disregarding:

2-1.2.1 any effect on rent of the fact that the Tenant or its predecessors in title have been in occupation of the Premises,

2-1.2.2 any goodwill attached to the Premises arising out of the business of the Tenant or its predecessors in title in their respective businesses, and

2-1.2.3 any effect on rent attributable to any improvement to the Premises carried out before or after the date of this Lease by or at the expense of the Tenant

2-2 Rent Review

At each Review Date the Rent will be reviewed in accordance with the provisions of this Schedule and from and after each Review Date the Rent will be the greater of the Rent payable (or which would be payable but for the provisions of clause 5.5 SUSPENSION OF RENT) immediately before the relevant Review Date and the Open Market Rent on the relevant Review Date

2-3 Fixing the Reviewed Rent

2-3.1 The revised rent for any review period may be agreed in writing at any time between the Landlord and the Tenant or (in the absence of agreement) determined not earlier than the relevant Review Date by an arbitrator of recognised standing and having experience in letting and valuing property of a like kind and character to the Premises to be appointed (on the application of either the Landlord or the Tenant) by the President of the Royal Institution of Chartered Surveyors.

2-3.2 Any arbitration conducted under this schedule will be conducted in accordance with the Arbitration Act 1996.

2-3.3 If the arbitrator appointed to conduct any arbitration under this schedule fails or refuses to accept his appointment or fails to make an assessment or if he relinquishes his appointment or dies or if he is unable or unwilling to complete his duties then the Landlord or the Tenant may apply to the then President of the Royal Institution of Chartered Surveyors for a substitute to be appointed in his place.

2- 4 Memoranda of Revised Rent

When the revised Rent has been ascertained memoranda will be signed by or on behalf of the Landlord and the Tenant and annexed to this lease and its counterpart the Landlord and the Tenant bearing the cost of the preparation of such memoranda equally.

2-5 Payment on Account Pending Determination

If the revised Rent payable from any Review Date has not been ascertained by the relevant Review Date the Tenant must continue to pay rent at the rate equal to the Rent payable immediately before the relevant Review Date (such payments being on account of the Rent for the next ensuing rental period) until the revised Rent has been...

Buy the full version of these notes or essay plans and more in our Property Law and Practice Notes.

More Property Law And Practice Samples