The Lease Extension Amendment is utilized when a leaseholder wishes to extend their lease term, typically to maintain or increase the property's value and marketability. This document, governed by English and Welsh law, formally records the agreement between the landlord and tenant to extend the lease period, usually by an additional term of years. The amendment includes essential details such as the extension premium, new termination date, and any modifications to existing lease terms. It must comply with statutory requirements and be suitable for registration at the Land Registry.
Lease Extension Amendment for the United Kingdom
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Key Requirements PROMPT example:
Lease Extension Amendment
"I need a Lease Extension Amendment for a residential property in London, extending the current lease by 90 years, with completion targeted for March 2025 and a premium of £50,000."
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1. Parties: Identification of landlord and tenant, including registered addresses
2. Background: Details of original lease and reason for extension
3. Definitions: Key terms used in the amendment
4. Extension Terms: Specific details of the lease extension including new termination date
5. Premium: Amount payable for the extension
6. Execution: Signature blocks and attestation
1. Rent Review: Modified rent review provisions, applicable when existing rent review mechanisms need modification
2. Service Charge Amendments: Changes to service charge calculations or scope, used when service charge provisions need updating
3. Insurance Provisions: Updates to insurance requirements, included when insurance terms need modification
1. Schedule 1 - Original Lease: Copy or summary of the original lease
2. Schedule 2 - Property Plans: Updated plans if any changes to demised premises
3. Schedule 3 - Premium Calculation: Detailed calculation of the extension premium
4. Appendix A - Land Registry Compliant Plans: Plans meeting Land Registry requirements
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