Lease Assignments and Underletting
Commercial Lease Assignment
Our commercial property experts are on hand to offer advice and practical support in all aspects of leasehold management, including assignments and underletting.
Your Options
Whether it’s to transfer the lease to someone else or to sublet a property, there’s a lot to consider when tenants are looking to assign their lease.
In the first instance, consent is often needed from the landlord, which cannot be unreasonably withheld or delayed. There may also be certain conditions imposed onto the tenant, such as an Authorised Guarantee Agreement (AGA), licenses or additional negotiations.
FAQs About Commercial Lease Assignment
While landlords cannot unreasonably withhold consent, specific commercial lease terms may give them grounds to do so. If a landlord denies an assignment, they must provide a valid and justifiable reason that aligns with the existing lease terms.
Whether your landlord’s consent to the assignment (by way of a licence to assign) is required depends on the terms of the lease you are seeking to assign. It is only if the lease does not include any restriction on assignment or includes restrictions but no requirement to obtain the landlord’s consent to the assignment, that no licence to assign will be required.
Once a lease has been assigned, the assignee steps into the shoes of the original tenant, assuming all the rights and duties that the original tenant had. The assignee must register the lease, as until it does, the assignment is not fully complete, and legally, you have not yet become the tenant.
How We Can Help
We work with both tenants and landlords with assignment or underletting matters to manage and resolve these conditions to best suit your requirements.
Expert Legal Advice for Lease Assignment
Understanding the legal complexities is essential when considering the assignment of a commercial lease. In this process, lawyers offer expert legal advice and negotiate with the landlord to secure favourable terms within the lease assignment agreement, safeguarding the client’s interests.
Tailored Solutions for Tenants and Landlords
Every business has unique needs, so we offer tailored legal advice that aligns with your objectives. Whether you are a tenant looking to assign your lease or a landlord considering a lease transfer, our experienced team is available to provide expert assistance. We can help find ways to successfully transfer a lease by assessing the terms and acting in your best interests, ensuring the assignment is managed effectively and legally.
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