Is a tenant who breaks its lease entitled to a rebate of rent?
In May 2013, we reviewed the High Court decision in Marks and Spencer plc v BNP Paribas Securities Services Trust Company (Jersey) Ltd.
The High Court decided that, if a break date fell part way through a quarter, a term could be implied into the lease entitling the tenant to recover, after the event, a proportionate part of the rent it had paid in advance for the full quarter. That decision has now been overturned by the Court of Appeal.
The break clause was conditional on there being no arrears of rent on the break date and on the tenant by that date having paid to the landlord a sum of money as a ‘break premium’ (equivalent to one year’s rent)…
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