Queen Street, EC4

Our client originally acquired a lease of the premises which expired five years ago.  The lease was renewed for a ten year term with a tenants only break at the end of the fifth year with a requirement to have paid all rents due at the break date and to give vacant possession.  Our client had carried out extensive alterations at the beginning of the first lease under a Licence for Alterations.  The reinstatement requirements were to reinstate “to the extent required by the landlord”.  The landlord could provide no evidence of having required reinstatement at the end of the first lease and the new lease did not make provision for reinstatement of alterations carried out during the previous term.  The landlord could not require reinstatement.  Such circumstances can reduce the level of the landlord’s claims significantly.