Is Signing an "Intention To Take Up New lease" on an option the same as signing the lease?

Hi.
We have recently signed an "intention to take up option" on a commercial lease.
i was under the belief that this was just notifcation to start preparing the updated lease and we had until we signed the actual lease before we were locked in.

We signed the intention to take up option before the cutoff date to get the lease preperation under way.

Now we have found a building that would be more suitable to our needs (this is while the lease is still being drawn up, we are yet to actually sign the new lease).

The real estate agents have told us that signing the "attention to take up option" has locked us in.

Can anyone out there advise the possibilities of us getting out of this "intention" to take up the option?

Also happy to pay someone with the right advice to carry out the process needed for us.

Thanks in advance.
Any advice would be greatly appreciated.

 

Solicitor would be the one to ask to determine if its a contract and what you have contracted to do and what remedies each party may have. A REA cant give legal advice.

 

You have a current lease on foot with the term certain being that current period. The option is at your discretion and must be exercised by you (as the tenant).

Having flagged your intentions by exercising the option, you have locked yourself into a new lease (unless you breach the lease and it's terminated by the lessor for a default on your part).

Whether the option has been validly exercised will require a review of the Lease and the notice.