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Landlord and tenant (general).

The editor of this section of the site is Sarah Thompson-Copsey

Surrender

Implication of terms

Co-Operative Bank plc v Hayes Freehold Ltd (in liquidation) and others
[2017] EWHC 1820 (Ch)

Summary

The Court refused to imply into the surrender and release of the guarantor of an underlease a condition precedent that the release should only take place if the headlease was also surrendered. The Court also rejected other claims, including those made on the basis of fraudulent misrepresentation and mistake.

Facts

A tenant (DB) entered into of a lease of premises for a 20-year term. The rent under the lease rose to an eventual figure of more than £2.6 million a year. Some years later DB underlet the premises to a sub-tenant (SH). The underlease was guaranteed by a guarantor (H).

Subsequently, the freehold was transferred to a buyer (F), and the freehold and, separately, the sublease were both charged to a lender (Co-Op).

F, DB, SH and H then entered into a deed of surrender which purported to effect:
  • A surrender of the headlease;
  • A surrender of the underlease; and
  • An unconditional and irrevocable release of the underlease guarantee


However, the terms of the charge over the headlease in favour of the Co-Op meant that the Co-Op’s consent was required to the surren ... THIS IS AN EXTRACT OF THE FULL TEXT. TO GET THE FULL TEXT, SEE BELOW

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