Option clauses

Option clauses

The clause bank for property lawyers brings together examples of the most commonly used clauses from option agreements. It also includes an option to renew a lease

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Latest Property News

Property weekly highlights—21 November 2024

This week's edition of Property weekly highlights includes: a Law Commission consultation on the right to renew business tenancies under Part 2 of the Landlord and Tenant Act 1954, cases on the failure of a claim for implication of a tenant obligation to comply with legal obligations, specific performance, overriding easement costs, stamp duty land tax group relief and business rates and the latest HM Land Registry updates.

UKGBC launches second consultation on Climate Resilience Roadmap

The UK Green Building Council (UKGBC) has launched a second consultation on the Climate Resilience Roadmap, aimed at assisting the built environment in adapting to climate change. The consultation document outlines five key policy recommendations, including prioritising climate safety at a national level under the Prime Minister's leadership, reforming the planning system, and ensuring existing and new buildings are prepared for future climate hazards. The consultation also seeks feedback on updated proposals from the UKGBC’s July 2024 consultation, with the aim of refining the roadmap before its final publication. The final roadmap, scheduled for publication in March 2025, will comprise a policy recommendations report, technical guidance, and an interactive 'vulnerability to climate hazards' web map. The consultation closes on 6 January 2025.

BPF publishes commentary on Net Zero Pledge

The British Property Federation (BPF) has published a blog post as part of its Spotlight Series, highlighting its Net Zero Pledge, an initiative aimed at fostering collaboration and accelerating decarbonisation efforts within the UK real estate sector. The Pledge calls on BPF members to commit to achieving net zero carbon emissions by 2050, actively engage with other signatories, and share insights to support the industry's transition. With signatories representing approximately £125bn in UK assets under management, the initiative addresses the significant environmental impact of buildings, which contribute around 25% of the UK’s greenhouse gas emissions. The BPF has also taken the Pledge, partnering with Planet Mark to develop its own net zero targets and plans.

Law Commission launches consultation on right to renew business tenancies

The Law Commission has launched a consultation to examine how the right to renew business tenancies under Part 2 of the Landlord and Tenant Act 1954 (LTA 1954) functions and whether it meets the needs of business tenants and landlords. The consultation seeks to assess the efficacy of the current ‘contracting out’ model and explore alternative models, including mandatory security, the abolition of security of tenure, and a ‘contracting-in’ approach. It also examines which types of business tenancies should benefit from security of tenure. The consultation closes on 19 February 2025, with a second consultation paper expected to follow based on the responses received.