Grant & assignment of occupational and building leases
Grant & Assignments
There is a lot to consider when singing a leasehold. The terms of a lease can affect the finance and growth of any business, so it’s crucial to ensure that you fully understand the details and that it is fit for your purpose.
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With this in mind, it’s vital to have experts by your side. We will work alongside you and your business throughout the process, explaining the details without the jargon.
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Frequently Asked Questions
When you assign a lease, various costs can arise that both the assignor (the current tenant) and the assignee (the new tenant) should consider. The assignor is often responsible for their own legal fees, as well as the landlord’s legal costs, associated with drafting and negotiating the Licence to Assign. The extent of these costs depends on the complexity of the assignment and the lawyer involved.
Additionally, the landlord may also require that the current tenant cover any professional fees incurred, such as those of their agents or surveyors, in evaluating the application for lease assignment. Therefore, it is crucial to factor in these potential costs when planning to assign the lease.
The duration of a lease assignment process varies, influenced by factors like the landlord’s responsiveness and the complexity of the lease. Typically, a reasonable timeframe is measured in weeks rather than months from when the landlord receives all necessary information from the existing tenant.
Delays may arise if the landlord is slow to respond to enquiries, if the assignee’s information is incomplete, or if there are complex legal or financial considerations. A proactive approach, characterised by clear communication among all parties and efficient handling of paperwork, can facilitate a swifter assignment of the lease.
If a tenant fails to follow the procedure as required by the lease’s provisions, a breach of these terms will occur. In these circumstances, a landlord may consider the following options: Forfeiture of Lease, forcing the tenant and assignee to vacate the property.
Landlords have the right to regain possession through possession proceedings. The landlord may also claim damages to recover lost rent and costs for finding a new tenant. The landlord can seek injunctions to prevent the attempt to assign and grant retrospective consent to approve the transfer, even after an initial denial.
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