Concurrent leases


Published by a ½Û×ÓÊÓƵ Property expert
Practice notes

Concurrent leases


Published by a ½Û×ÓÊÓƵ Property expert

Practice notes
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This Practice Note explains:

  1. •

    what a concurrent lease is

  2. •

    when it is commonly used

  3. •

    who can enforce (and benefit from) the covenants in the existing lease(s), and

  4. •

    key differences between a concurrent lease and a headlease out of which underleases are granted

It also looks at key terms to include when drafting a concurrent lease, and the interaction of a concurrent lease with:

  1. •

    tenants’ rights of first refusal under the Landlord and Tenant Act 1987 (LTA 1987), and

  2. •

    operators’ rights under the Electronic Communications Code

In this Practice Note, the following definitions apply:

  1. •

    L: means the landlord of the original lease

  2. •

    T1: means the tenant (or tenants) of the original lease(s), and

  3. •

    CT: means the tenant of the concurrent lease

What is a concurrent lease?

A concurrent lease is a lease that:

  1. •

    demises premises that consist of (or include) premises that are already let to at least one other tenant (ie T1), and

  2. •

    grants a term to the tenant (ie CT) that

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Duration definition
What does Duration mean?

The (Macaulay) duration is a measure of the average time until a bond's cash flows occur, and of the sensitivity of its price to interest rate changes.

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