Deed of Variation of Lease Template for the United Kingdom
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What is a Deed of Variation of Lease?
A Deed of Variation of Lease is a formal legal document that records agreed changes to the terms of an existing lease without replacing the original lease entirely. It is used by landlords and tenants to amend matters such as rent, permitted use, repair obligations or the demised premises while keeping the lease otherwise in force. Because it varies a deed, the variation itself is usually executed as a deed to ensure it is valid and binding. Care is needed to avoid an unintended surrender and regrant, which can have tax and legal consequences.
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Frequently Asked Questions
Why should a lease variation be made by deed?
Because the original lease is usually a deed, a variation is normally made by deed to ensure it is legally valid and binding and does not require separate consideration. Executing as a deed also avoids arguments over whether the change is enforceable.
What is a surrender and regrant, and why does it matter?
Some variations, particularly changes to the extent of the property or the length of the term, can in law amount to an implied surrender of the old lease and the grant of a new one. This can trigger unexpected Stamp Duty Land Tax, registration and security of tenure consequences, so advice is often needed.
Do I need consent from a guarantor or lender?
Yes, if there is a guarantor or a mortgagee with an interest in the lease, their consent is usually required and they should ideally be a party to the deed. Failing to obtain consent can release a guarantor or breach loan terms.
Does a deed of variation need to be registered?
If the lease is registered at HM Land Registry, certain variations may need to be noted or registered to bind future owners. You should check the registration requirements for the specific change being made.
Can a deed of variation change the rent?
Yes, a deed of variation can be used to change the rent or the rent review mechanism, and this is a common reason for varying a lease. The wording should be precise to avoid ambiguity about the new figure and when it applies.
About the Deed of Variation of Lease
A Deed of Variation of Lease usually covers the following.
- Parties and Recitals: Identifies the landlord and tenant, and sets out the details of the original lease being varied including its date and the property.
- Definitions and Interpretation: Defines key terms used in the deed, such as the Lease, the Property and the Variation Date, to ensure clarity.
- The Agreed Variations: Sets out precisely which clauses or terms of the original lease are being amended, added, deleted or replaced.
- Effective Date: States the date from which the variations take effect, which may differ from the date of execution.
- Continuation of the Lease: Confirms that, except as varied, the original lease remains in full force and effect.
- Consent of Third Parties: Addresses any required consent from a guarantor, mortgagee or superior landlord to the variation.
- Guarantor Provisions: Confirms that any guarantor continues to guarantee the tenant's obligations under the lease as varied.
- Execution as a Deed: Sets out the formal execution requirements so the document is validly signed, witnessed and delivered as a deed.
GOVERNING LAW
Applicable law
This Deed of Variation of Lease is drafted to comply with United Kingdom law. Key legislation includes:
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