Options that can be noted

Options in favour of a tenant that can be noted include a right to:

• renew the lease
• acquire another lease
• purchase the reversion at any previously agreed time
• purchase the reversionary estate or some other land if the landlord decides to sell (known as a right of pre-emption or first-refusal).

Options in favour of a landlord that can be noted include:

• a covenant by the tenant to surrender, or to offer to surrender the lease where service of notice is not required (eg. before the tenant assigns the lease)
• a right of pre-emption allowing the landlord first refusal if the tenant decides to sell the leasehold estate.

Application to note an option

In some cases Land Registry will note an option automatically without a separate application; in other cases an application in form AN1 or UN1 is required. For prescribed clauses leases, see the module covering that subject.