The parties are the lessee and lessor as described in the lease document. The valuer should ascertain whether the two parties described are the current registered owner and the occupier/tenant of the premises. That is, there is a need to search the title.

If the lessor is different from the owner then the assumption is that the lease has been assigned. The valuer has to ascertain the new terms of the assignment and whether or not the new lessee occupies exactly the same area and premises as the original lessee. Assignment is usually evidenced by a deed of assignment that may not be registered if the lease is registered.

If the lessor is party to the Deed of Assignment, the terms and conditions may have been varied at the time of the assignment. Such a variation will affect the value for example, the new lessee has negotiated a second option to renew and may have agreed to a rent increase or more regular rent reviews.

During the lease term the lessor and lessee may agree to vary the terms by way of a deed of variation. Again, this most likely will not be registered (unlike a Variation of Mortgage). The valuer should therefore, inquire of his/her client whether or not there have been any assignments and variations. The valuation should be subject to this advice. Usually, if the parties go to the trouble of varying a lease it is an important term.