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Any change in circumstances (such as the recent pandemic) is a catalyst for landlords or tenants to seek a change in the terms of a lease.
The ‘restructure’ could apply to rent, varying the demise, removing break option clauses, capping/controlling service charges, etc.
Therefore if you’re considering a lease restructure, be clear what you want to achieve before you commence negotiating. When an agreement has been reached and the Heads of Terms signed, a Deed of Variation to the original lease will have to be drawn up.
In an uncertain market, restructuring a lease allows tenants to:
A successful lease restructure requires good (market) comparable intel, proven (property) negotiating skills and a deep understanding of the process. It’s best left to professionals whose day job it is.