By Kirsty Black, Lucy Shepherd
The Upper Tribunal has agreed to correct a lease where one party had taken advantage of the other’s mistake to create a perpetually renewable lease.
Commercial leases often contain an option to renew. This option allows a tenant to renew its lease for a further term on the same or similar terms and conditions. However, both the further term granted and the number of times it can be renewed are usually limited for good reason.
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