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Do you remember the Marks and Spencer Plc v BNP Paribas case last year? M&S had a break right which was conditional on there being no arrears at the break date (as well as paying a financial penalty). Having paid the full quarter’s rents to exercise the break right, the judge implied a term that the landlord must reimburse the tenant for all advance payments (about £1.1m in total).
Perhaps not surprisingly, this decision has today been overturned by the Court of Appeal. No such term is to be implied and the loss must lie where it falls. It is therefore crucial when acting for a tenant with a break clause to provide expressly in the heads of terms and lease that, following the exercise of the break clause, the landlord must reimburse the tenant for all overpayments. Draft with care!
Break rights have proved a fertile source of litigation over the last few years. More often than not, tenants have found themselves on the wrong end of the decisions. However, a Court of Appeal decision yesterday has bucked that trend.
View blog
One of the requirements for tenants to contract out of the security of tenure regime contained in the Landlord and Tenant Act 1954 is that they make a simple or statutory declaration before entering into the lease.
Landlords should reconsider summary judgment if a Part 26A restructuring plan is pending.
A landlord’s claim for summary judgment to recover rent and service charge arrears accrued since the start of the pandemic against a non-essential retailer succeeded. Like London buses, a second such case has followed hot on its heels.
Partner and Head of Real Estate
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