Marks and Spencer Plc v BNP Paribas Securities Services Trust Company (Jersey) Limited and another – APPEAL DISMISSED
4th December 2015
Further to my eBulletin dated 5 February 2015 the Supreme Court has now dismissed Marks and Spencer plc’s appeal and confirmed that landlords are not required to repay rent paid in advance which relates to the period after a break date unless there is express wording in the lease which requires the same.
Therefore where a break date falls within a quarter, depending on the wording of the lease, a tenant may be required to pay the full quarters rent in advance to validly exercise its break and it will not be entitled to a refund of the rent attributable to the period after the break.
Should you require any assistance with the drafting of a break right, the interpretation of any break rights contained within a current lease or would like to discuss the Supreme Court’s judgment, please do not hesitate contact Kirsty Ellis of these offices by email at email@example.com or by telephone on 020 7955 1514.