Varying a commercial lease in NSW
31 May 2020
There are many reasons that may prompt a commercial lease change, like a flexibility extended to you by your landlord for a changed economic conditions or simply new terms that have been introduced.
Below is what you need to know about what’s involved for a commercial lease variation. Also, its worth noting that in this article, we’re dealing with NSW law only.
In NSW, To make the change you’ll need to use a form 07VL and lodge this with the land registry.
You won’t need to pay stamp duty for a variation that is dated on or after 1 January 2008. You will only need to pay stamp duty if the variation is dated before 1 January 2008.
Certificate of title
Unlike other land registry transactions, you won’t need the certificate of title to lodge the 07VL variation.
Lodgement after the lease expires
You can still register a lease variation after a lease expires if:
- The lease is still recorded on the register; and
- The lease expired less than 12 months ago. A variation of lease that expired more than 12 months ago will not be accepted.
- The variation extends the term of the lease so that it is current at the time of registration.
How to register the variation
You can register the 07VL form through a law firm or legal agent acting on their behalf.
Do you have questions or comments? Be sure to leave them below.