Assignment of lease

We act efficiently and proactively on lease assignments, receiving instructions from both landlords and tenants.

From a  tenant’s perspective, the relief at selling the remaining term of the lease, hopefully also for a premium, can quickly be dilluted by the hassle and delay of seeking the landlord’s consent to the assignment and paying out fees for a licence to assign (it is usual for the landlord to insist that the outgoing or new tenant pay his , her or it’s fees which can be up to £750.00 plus VAT).

As an outgoing tenant, be aware that the lease you are selling almost certainly has a clause whereby the landlord’s consent to the assignment is required. Landlords will often want various checks on the new tenant and possibly financial assurances, this can cause delay. Your solicitors will also need to deal with the buyers (assignees) solicitors enquiries. They will want to check, at a minimum :-

  • the lease terms their client will inherit
  • that you are paid up-to-date on rent, service charges and outgoings
  • that the landlord agrees you are not in breach of the lease
  • the property title at the Land Registry
  • answers to pre-contract property enquiries

Be aware also of the possibility, as outgoing tenant, of remaining liable under the lease due to an authorised guarantee agreement (AGA) and that your rent deposit will need to be returned and apportionments worked out if you have paid rent and service charge to the next quarter day.

So, as you can see from, the above, specialist solicitors with experience in commercial leases and who are dynamic are needed to pull all the various strands of these lease assignment transactions together and work for you cost effectively.

James Swede has a wealth of experience in property law and commercial leases. He is known for being  dynamic and commercial, so if you are assigning a lease, thinking of buying an existing commercial property lease or a Landlord approached with a request for licence to assign, James can help and provide a fast fixed fee quote and references to assure you of his reputation.

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