Surrender of Lease
Property & Conveyancing
expert advice on surrender of lease
A lease is surrendered where the tenant and landlord both consent to termination of the lease agreement prior to the end of the lease term. If this decision is made, any legal responsibilities that were held by the tenant will be released on and from the date of surrender. The landlord has no obligation to agree to the surrender, and they are able to negotiate the terms of such a surrender with their tenant. This negotiation may involve the tenant or landlord paying a surrender fee to compensate for the early break of the lease agreement.
When consensus is reached by both parties to the surrender of the lease and its terms, a Deed of Surrender is important. This will outline the terms agreed upon by the parties in surrendering the lease. There are also other requirements mandated depending on your lease agreement. Our team at Burgess Thomson can ensure that these requirements are met, along with any that are outlined specifically in your lease agreement.
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What is a Deed of Surrender?
A Deed of Surrender is a document which essentially acts as formal paperwork documenting the surrender of lease. Generally, the terms of the surrender will be decided by the parties depending on the circumstances of the surrender and their individual positions in the surrender. Burgess Thomson is able to help you in relation to the surrender of your lease whether you are the landlord or tenant by drafting the Deed of Surrender and ensuring that it does not leave you in a disadvantageous position. We can also make you aware of any rights or obligations you have in the process of the surrender more generally.
Why surrender the lease?
You may be considering whether surrendering your lease is the best option for your current circumstances. There are many implications this action could have on you. Our team at Burgess Thomson is able to advise you depending on your circumstances, what your options are and the advantages and disadvantages of each option. We provide personalised services because we know that no one-size-fits-all solution can be provided to all leases.
Can my landlord refuse to give consent to surrender the lease?
There are several reasons for which your landlord may be able to refuse to give consent, including if you as the tenant, do not provide any further information they request or if you do not agree with their conditions or terms of the surrender.
Some retail legislation sets out circumstances within which the landlord is able to refuse to give consent to surrender the lease. These are likely to vary between States. At Burgess Thomson, we can provide advice if you are facing such obstacles in the way of surrendering your lease. We are also able to help you in drafting a Deed of Surrender and advise you of your rights and obligations under the Deed.