What is a Surrender of Lease?

One of the general terms of a lease is a term, or how long the tenant is entitled to be in occupation of the leased premises. However, there are times when both the tenant and your landlord want to end the lease before the expiry of the lease term. They may simply want to end the lease early.

Even if the landlord and the tenant agree that the lease should end before the end of the lease term described in the lease, there has to be some formality to ensure there is a record of lease ending early. This is because any agreement regarding interest in land has to be in writing. Such document is called a Deed of Surrender of Lease or simply Surrender of Lease. This deed or a formal document has the effect of ending the relationship between the landlord and the tenant

A deed should be in writing, sealed and delivered to the other party. Whether you are a landlord or a tenant, you still have obligations under the lease until the lease is terminated.

The surrender of lease outlines the agreement between the landlord and tenant. The purpose of the document is to ensure that neither party has any further legal responsibilities surrounding the lease, once it is ended.

If you or someone you know are thinking of ending the lease early, you may require a Deed of Surrender of Lease. We can provide you with advice and can prepare Deed of Surrender of Lease for you.

If you would like assistance, please contact Wollerman Shacklock Lawyers on 9707 1155 or admin@wslegal.com.au.