Miscellaneous provisions: Substantial performance of an agreement for lease or missives: Example 1
Missives are concluded on 1 January 2007 for a non-residential lease with a term of 10 years from the date of entry.
The formal lease is executed on the date of entry, which is 1 July 2007.
As the missives were not substantially performed in advance of the grant of the formal lease, no SDLT return has to be made in relation to the missives.
An SDLT return has to be completed and submitted in relation to the grant of the formal lease within 30 days of the date of entry.