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High Court has ruled that a tenant under a 99-year lease should pay accrued arrears of rent dating back to 2014, where there had been agreement as to the rent payable but not the date of payment. The court found that the lease's provisions intended for the revised market rent to take effect from the date the tenant ceased to provide management services, with the machinery for calculating the revised rent not altering the primary obligation. The court's interpretation ensures the tenant pays arrears from 10 March 2014 and from 1 July 2018, based on the respective determinations of market rent.
Lease agreement, rent review clause, arrears of rent, independent valuations, market rent, property management services, receiver, High Court, Redendum clause, Third Schedule, machinery of the lease, cessation of services, Gale Day, Smyth J. judgment, landlord and tenant dispute, Society of Chartered Surveyors, rent determination.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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