The parties to a lease discussed the terms upon which the landlord would carry out substantial improvement works on the demised property in turn for an increase in rent. The parties had forgotten than the tenant had an option to acquire a long lease at a fixed price, the effect of which would be to remove the landlord’s entitlement to future rent.
The landlord sought to rectify.
Held: The claim failed because the parties had no intention as regards the option. He also pointed out that there would have been several possibilities if the question had been drawn to the parties’ attention at the time of the contract. The objectively ascertainable intention of the parties was that the Bank would retain such rights as it had.
Judges:
Walton J
Citations:
(1973) 226 EG 1960.
Jurisdiction:
England and Wales
Cited by:
Cited – Lloyds TSB Bank Plc v Crowborough Properties Ltd and Others CA 12-Feb-2013
The court was asked whether Lloyds TSB Bank Plc was entitled to rectify the terms of a compromise embodied in the schedule to a Tomlin order. . .
Lists of cited by and citing cases may be incomplete.
Landlord and Tenant, Equity
Updated: 04 May 2022; Ref: scu.558191