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Options

This page contains details of cases dealing with a number of matters relating to options including:
  • Conditional contracts and options - effect of Landlord and Tenant (Covenants) Act 1995: An option for a tenancy is not "an agreement for a tenancy" for the purposes of the 1995 Act. Nor is a condition precedent to the grant of a lease a covenant forming part of "an agreement for a tenancy" or "landlord covenants" for the purposes of s28(1) of the 1995 Act. Thus, where a party to conditional contracts and option agreements for leases sold properties in such a way as to make it impossible for it to perform its obligations the 1995 Act did not apply so as to enable the obligations to be enforced against a purchaser.
  • Drafting of notices
  • Surrender and re-grant: Where an underlease was varied by a Deed of Variation so as to increase the area of the demised premises, thereby bringing about an automatic surrender and regrant, the current underlessee was no longer a successor in title to the original underlessee to whom an option had been granted by the freeholder prior to the Deed of Variation. The option therefore could not be exercised.
  • Valuation date where not stated in the agreement: Where the parties to an option agreement failed to specify the date at which the land should be valued, the court construed the agreement as requiring valuation as at the date on which the third party expert determined the valuation.
  • Setting aside an option agreement for undue influence

Construction

Planning condition

Hallam Land Management Ltd v UK Coal Mining Ltd
[2002] EWCA Civ 982

The option was conditional upon a planning application being made for development of the Property. Held: This meant the whole, or substantially, the whole of the area covered by the property not just one part of it.


Conditional contracts and options

Effect of the Landlord and Tenant (Covenants) Act 1995

Ridgewood Properties Group v Valero Energy
[2013] EWHC 98 (Ch)

Summary

An option for a tenancy is not "an agreement for a tenancy" for the purposes of the 1995 Act. Nor is a condition precedent to the grant of a lea ... THIS IS AN EXTRACT OF THE FULL TEXT. TO GET THE FULL TEXT, SEE BELOW

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