Renewal lease by reference to an existing lease

by Practical Law Property

A standard document for granting a renewal commercial property lease by incorporating the terms of an existing lease by reference. This standard document is designed to streamline the drafting process for straightforward renewals where a tenant is taking a new lease of the same property on substantially the same terms as their prior agreement. It sets out the operative provisions for the new grant, including key definitions for the new "Annual Rent" and "Contractual Term", while incorporating the detailed covenants and obligations from the "Existing Lease". The standard document also contains a schedule of variations, enabling parties to substitute, add, or delete specific clauses from the Existing Lease as required for the new term. It includes optional clauses for excluding the security of tenure provisions of the Landlord and Tenant Act 1954, provisions for a "Guarantor" and clauses addressing HM Land Registry registration .