BP Oil UK Ltd and others v Lloyds TSB Bank Plc: CA 21 Dec 2004

An option was granted to three lessees for the purchase of the reversion. After one ceased to be a lessee, the remaining two purported to exercise the option. The landlord said that only the three could exercise the option together.
Held: The option had to be exercised by all three parties, but the remaining two lessess could re-assign the lease into the names of the three companies who could then execute the option.
Lord Justice Kennedy, Lady Justice Arden, and Lord Justice Gage
Times 12-Jan-2005, [2004] EWCA Civ 1710
England and Wales
CitedFinch v Underwood CA 1876
The landlord had covenanted with the tenant, on receipt of notice from the latter, to renew the lease ‘in case the covenants and agreements on the tenants’ part shall have been duly observed and performed’. Notice was duly given but the landlord . .
CitedMax Factor Ltd v Wesleyan Assurance Society CA 1996
A break clause was mutual but contained a proviso making it clear ‘for the avoidance of doubt’ that the lessor’s right to determine the term ceased if the lessee assigned its interest in the lease prior to the expiration of the tenth year of the . .
CitedOlympia and York Canary Wharf Ltd v Oil Property Investments Ltd CA 1994
A landlord could properly refuse to consent to the assignment of a lease back to an original tenant in circumstances where the parties accepted that, if there was a re-assignment, the original tenant could exercise a right conferred on it alone as . .
CitedEquinox Industrial (GP2) Limited, Equinox Industrial (Nominee) Limited v Sketchley Limited ChD 10-Jan-2003
The tenant sought to exercise a break clause following assignment and subsequent revesting of the original lease in it. In the relevant clause the tenant meant only Sketchley plc and not its successors in title or its assigns. The claimants . .

These lists may be incomplete.
Updated: 15 March 2021; Ref: scu.220520