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How to satisfy break option conditions

Author

Listed:
  • Humphreys, Emma

    (Charles Russell Speechlys LLP, UK)

  • Preece, Emma

    (Charles Russell Speechlys LLP, UK)

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.

Suggested Citation

  • Humphreys, Emma & Preece, Emma, 2023. "How to satisfy break option conditions," Journal of Building Survey, Appraisal & Valuation, Henry Stewart Publications, vol. 12(1), pages 39-47, June.
    • Handle: RePEc:aza:jbsav0:y:2023:v:12:i:1:p:39-47
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    More about this item

    Keywords

    service; conditions; vacant possession; Mannai; Capitol Park;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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