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News and Events
Conveyancing Practice Update.
Provisions on Rent Review
The provisions on rent review contained in Section 132 of the Land and Conveyancing Law Reform Act 2009 (the "Act") came into effect on 28 February 2010.
Section 132 of the Act applies to business leases and provides that after 28 February 2010 a provision in a business lease which provides for a review of the rent payable under the lease is to be construed as providing that the rent payable following such a review may be fixed at an amount which is less than, greater than or the same as the amount of rent payable immediately prior to the date on which the rent falls to be reviewed.
The Section cannot be contracted out of and applies only to the part of a lease which is permitted to be used for business purposes. It applies propsectively only to leases created after 28 February 2010.
The provisions on rent review contained in Section 132 of the Land and Conveyancing Law Reform Act 2009 (the "Act") came into effect on 28 February 2010.
Section 132 of the Act applies to business leases and provides that after 28 February 2010 a provision in a business lease which provides for a review of the rent payable under the lease is to be construed as providing that the rent payable following such a review may be fixed at an amount which is less than, greater than or the same as the amount of rent payable immediately prior to the date on which the rent falls to be reviewed.
The Section cannot be contracted out of and applies only to the part of a lease which is permitted to be used for business purposes. It applies propsectively only to leases created after 28 February 2010.
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