Variation of Lease(VOL)

Variation of Lease (VOL) is a legal mechanism available in the UK housing sector that allows landlords and tenants to modify the clauses of their existing lease agreement. It is a process which allows both parties to agree on changes to the terms of the lease, ensuring that the new terms are legally binding and enforceable. It enables landlords and tenants to agree on specific changes that may be beneficial to both parties, such as changes to the length of the lease, rent reviews, alterations to the property and the addition of new tenants. The purpose of VOL is to provide flexibility to the parties involved and to ensure that the lease remains up to date and reflective of the current market conditions. VOL can also be used to resolve disputes between tenants and landlords, as it provides a way for both parties to come to an agreement without having to go to court.