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A grant of a lease option covers the contract by which a landlord agrees to give a tenant the right to take a new lease or renew an existing lease on specified terms. A solicitor in this area drafts or reviews the option agreement, ensures the option is properly granted, and checks the interplay with existing leases, property interests and covenants. They also advise on exercise of the option, any time limits, and the remedies if the option is not exercised or is misused.
What a solicitor handles in these matters
The solicitor handles provisions about the option period, price or rent review mechanics, notice requirements, and the relationship to head leases, covenants, and landlord consent. They may advise on securing appropriate protective covenants, drafting or reviewing missives if the option leads to a formal lease, and ensuring registration or practical consequences in land registry records.
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