Cases - Banks v Kokkinos

Record details

Name

Banks v Kokkinos

Date

[1999]

Citation

3 EGLR 133

Legislation

Landlord and Tenant Act 1954

Keywords

Commercial property – landlord and tenant – rent review – lease providing for tenant to serve a notice proposing a rent in the absence of the rent being agreed and the landlord failing to apply to the RICS for the appointment of a valuer by a specified date – implied terms – time of the essence – whether, in the absence of the rent being agreed and the landlord failing to apply to the RICS for the appointment of a valuer, the rent proposed by the tenant became the new rent - whether there was an implied term that time was of the essence

Summary

The review clause provided that if the rent had not been agreed and the landlord had not applied to the RICS to appoint a valuer by a specific date, the tenant could serve a notice proposing a rent, which would become the new rent unless the landlord applied to the RICS within a further three months. The landlord, having failed to apply to the RICS within that period, was left with the rent proposed by the tenant, since those provisions implicitly made time of the essence.