Stedman v Midland Bank plc
Stedman v Midland Bank plc
- 1990
- Estates Gazette (1990) 03 EG 76 .
CA 3 May 1989. A dispute over interpretation of a rent review clause in the lease between Stedman (S), and the Midland Bank (M). The lease was for 71 years from 25 March 1963 to 25 March 2034. S sought a declaration that the lease provided for an annual review of the rent after the 5th year, such rent to be determined by agreement or arbitration. M submitted that the lease provided after the first 5 years for the rent to be determined by one agreement or one arbitration and stay fixed then for the remaining 66 years. The County Court granted the declaration sought by S, M appealed. The CA decided that the true interpretation of the lease was largely a matter of impression. The first 5 years of the term were not subject to reviews but to fixed increments of rent and the only reviews apparently were at the end of 5 years. the phraseology "thereafter at a rent to be agreed" pointed to an agreement of a fixed amount of rent for the rest of the term. Appeal allowed.
CA 3 May 1989. A dispute over interpretation of a rent review clause in the lease between Stedman (S), and the Midland Bank (M). The lease was for 71 years from 25 March 1963 to 25 March 2034. S sought a declaration that the lease provided for an annual review of the rent after the 5th year, such rent to be determined by agreement or arbitration. M submitted that the lease provided after the first 5 years for the rent to be determined by one agreement or one arbitration and stay fixed then for the remaining 66 years. The County Court granted the declaration sought by S, M appealed. The CA decided that the true interpretation of the lease was largely a matter of impression. The first 5 years of the term were not subject to reviews but to fixed increments of rent and the only reviews apparently were at the end of 5 years. the phraseology "thereafter at a rent to be agreed" pointed to an agreement of a fixed amount of rent for the rest of the term. Appeal allowed.