Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Deed of variation definition

What does Deed of variation mean? A deed of variation is a formal instrument used to change specified terms of an existing document—such as a lease, sale contract, security or trust—without replacing the whole agreement. It records the parties’ consent to amendments and leaves the underlying document in force except as varied. The expression is descriptive rather than a defined statutory term, though in succession practice “instrument (or deed) of variation” is recognised for UK tax purposes when reallocating a deceased’s estate (see IHTA 1984 s142; TCGA 1992 s62). Key features include: execution with deed formalities; joinder of all parties whose rights are affected; no alteration...

Lease re-gears: practical guide to triggers, renegotiated terms, structuring (variation, reversionary/supplemental leases, surrender/re-grant), and tax/security risks (England and Wales)

Published by a LexisNexis Property expert

Practice notes

This Practice Note sets out what is meant by a ‘lease re-gear’, identifies typical catalysts for re-gears and the commercial motivations for both landlords and tenants. It also highlights examples of lease provisions commonly revisited on a re-gear and outlines how a re-gear might be structured.

What is a lease re-gear?

A ‘lease re-gear’ is a commercial label for renegotiating the terms of a lease during its term. While the phrases ‘lease variation’ and ‘lease re-gear’ are often treated as equivalent, a re-gear does not necessarily include a formal lease variation. A formal variation is only one method to achieve a re-gear, and additional transactions are frequently required to give effect to the new commercial understanding between landlord and tenant. Depending on the agreed position, a re-gear can involve:

a deed of variation
a surrender and re-grant (for example, surrender of the existing lease by deed or by operation of law and the grant of a new lease on the revised terms)
the grant of a supplemental lease
the grant of a reversionary lease
a surrender of part...

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Web page updated on 29/05/2026

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Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

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