Lease Drafting and Acquisition- Assignment of a Lease
The drafting of a new lease or the assignment of lease and acquisition of existing leasehold premises can be assisted by a member of our knowledgeable staff.
One of our expert team members can help you with the assignment of a lease, and acquisition of existing leasehold premises, or the drafting of a new lease.
Definition of "Lease Assignment"
A lessee or tenant's entire entitlement to a particular property is transferred to a third party through the Assignment of Lease procedure.
What is a Lease Assignment?
A legal recourse available to a tenant seeking to terminate a non-expiring lease agreement is to assign or transfer the lease to another party. By way of illustration, in the event that a business ceases operations after 10 months of a 12-month commercial lease, the lessee may still choose to abstain from payment for the remaining 2 months through the assignment of the lease. The title of the document that certifies the transfer is "Lease Agreement Assignment."
Are there any responsibilities that the landlord assumes in the event of a lease assignment?
In the event of an assignment, the landlord is obligated to perform the following responsibilities under the Landlord and Tenant Act of 1988:
- To provide consent to an assignment, unless doing so would be deemed unreasonable.
- To grant permission expeditiously
- in addition to obtaining consent from a superior landlord, the landlord must take reasonable measures to obtain consent without excessive delay.
In the event that an agreement cannot be reached between the landlord and tenant regarding the assignment of a lease?
A tenant may believe he has sufficient grounds to assert a claim for lease assignment in certain circumstances, and the landlord's refusal of consent is unreasonable. In such a circumstance, the tenant is free to proceed with the lease assignment transaction without further action.
We recognise that this may prove to be a complex procedure and will provide you with guidance on all matters while ensuring that you remain completely informed throughout. If you have any specific questions or would like more detailed advice on the assignment of lease, then please contact on 01206500181.