Commercial Lease in UK Law

Leading Cases
  • Mannai Investment Company Ltd v Eagle Star Life Assurance Company Ltd
    • House of Lords
    • 21 May 1997

    In determining the meaning of the language of a commercial contract, and unilateral contractual notices, the law therefore generally favours a commercially sensible construction. The reason for this approach is that a commercial construction is more likely to give effect to the intention of the parties. Words are therefore interpreted in the way in which a reasonable commercial person would construe them.

  • Marks and Spencer Plc v BNP Paribas Securities Services Trust Company (Jersey) Ltd
    • Supreme Court
    • 02 Dic 2015

    If one approaches the question by reference to what the parties would have agreed, one is not strictly concerned with the hypothetical answer of the actual parties, but with that of notional reasonable people in the position of the parties at the time at which they were contracting. Secondly, a term should not be implied into a detailed commercial contract merely because it appears fair or merely because one considers that the parties would have agreed it if it had been suggested to them.

  • Rossendale Borough Council v Hurstwood Properties (A) Ltd
    • Court of Appeal (Civil Division)
    • 07 Mar 2019

    Counsel for the claimants sought to persuade us, in their written and oral submissions, that there was at least arguably still scope for the Ramsay principle to operate, with the consequence that the actions should not be struck out and there should be a full investigation of the facts at trial after the parties had fully pleaded their respective cases and disclosure had taken place.

  • Strick v Regent Oil Company Ltd ; Regent Oil Company Ltd v Commissioners of Inland Revenue
    • House of Lords
    • 27 Jul 1965

    On behalf of the Appellant it was said that we must look through the transparent form of the lease-sub-lease to some underlying commercial reality and that, having performed this penetration, we should see that this was merely part of Regent's normal marketing operations, or, alternatively, that the payments were nothing but disguised rebates.

  • United Scientific Holdings Ltd v Mayor, Aldermen and Burgesses of the County Borough of Burnley now The Council of the Borough of Burnley
    • House of Lords
    • 23 Mar 1977

    So upon the question of principle which these two appeals were brought to settle, I would hold that in the absence of any contra-indications in the express words of the lease or in the interrelation of the rent review clause itself and other clauses or in the surrounding circumstances the presumption is that the time-table specified in a rent review clause for completion of the various steps for determining the rent payable in respect of the period following the review date is not of the essence of the contract.

    However, where a rent review clause is associated with a true option (a "break" clause, for example), it is a strong indication that time is intended to be of the essence of the rent review clause—if not absolutely, at least to the extent that the tenant will reasonably expect to know what new rent he will have to pay before the time comes for him to elect whether to terminate or renew the tenancy (cf. Samuel Properties Ltd. v. Hayek [1972] 1 W.L.R. 1296).

  • Heronslea (Mill Hill) Ltd v Kwik-Fit Properties Ltd
    • Queen's Bench Division
    • 20 Feb 2009

    Such significant inroads into the Tenant's right to enjoy the Premises free from interference is not a result it seems to me that the parties would have contemplated when executing the Lease. If such had been the intention of the parties to a commercial lease, one would expect to find much clearer words or indication to that effect within it.

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Legislation
  • Development Land Tax Act 1976
    • UK Non-devolved
    • 1 de Enero de 1976
    ......(at law or in equity) on one or more long leases or (in. Northern Ireland) it is the interest of a person entitled. for the ...rent at a reasonable commercial rate in respect of them,. or. .   . ( b . ) payments were made which ......
  • Corporation Tax Act 2010
    • UK Non-devolved
    • 1 de Enero de 2010
    ...... . (e) transactions in land (see Part 18),. . . (f) the sale and lease-back of assets (see Part 19),. . . (g) leasing plant or machinery (see ... any sum paid on redemption, represent no more than a reasonable commercial return on the consideration for which the shares were issued. . (3) In ......
  • Income and Corporation Taxes Act 1970
    • UK Non-devolved
    • 1 de Enero de 1970
    ...... (3) If interest is paid at a rate in excess of a reasonable commercial. rate, so much of any payment as represents such an. excess shall not be ... . a . ) rents under leases of land in the United Kingdom,. . . . b . ) rentcharges, ground ......
  • Land and Buildings Transaction Tax (Scotland) Act 2013
    • Scotland
    • 1 de Enero de 2013
    ...... Part 6 contains provision about the application of the Act to leases and non-residential licences, . Part 7 contains general provision, ... (a) are not effected for genuine commercial reasons, or . (b) form part of arrangements of which the main purpose, or ......
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Books & Journal Articles
  • The impact of lease structures on the optimal holding period for a commercial real estate portfolio
    • Núm. 33-2, Marzo 2015
    • Journal of Property Investment & Finance
    • 121-139
    Purpose: – The purpose of this paper is to demonstrate the impact of lease duration and lease break options on the optimal holding period for a real estate asset or portfolio. Design/methodology/a...
  • Bricks, mortar, and proptech. The economics of IT in brokerage, space utilization and commercial real estate finance
    • Núm. 38-4, Septiembre 2020
    • Journal of Property Investment & Finance
    • 327-347
    Purpose: Digital and information technologies (IT) are becoming silently pervasive in old-fashioned real estate markets. This paper focuses on three important avenues for the diffusion of IT in com...
    ......While innovations will, nodoubt, have an impact on the ways in which we buy and lease commercial properties, the lessons from thehousing marketshould make us skeptical about the possibility of the new technologies dramatically ......
  • Landlord and tenant update – hard times, strict compliance
    • Núm. 31-1, Febrero 2013
    • Journal of Property Investment & Finance
    • 101-105
    Purpose: Difficult economic and trading conditions make lease break options a point of significant legal tension between commercial landlords and tenants. For a tenant, the ability to break a lease...
    ...... – Difficult economic and trading conditions make lease break options a point of significantlegal tension between commercial ......
  • Dominant and non‐dominant lease structures and their effect on place‐based valuation practices
    • Núm. 29-6, Septiembre 2011
    • Journal of Property Investment & Finance
    • 595-611
    Purpose: This paper aims to examine the experiences of valuers when valuing market dominant and non‐dominant standard lease structures. The research compares the perceptions and approaches of New Z...
    ...... and approachesof New Zealand valuers when valuing gross and net leases, two standard lease types commonlyutilised in the New Zealand commercial property market.Design/methodology/approach – The study employs a structured survey of 87 commercialvaluers practising in Auckland (where net ......
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