Commercial Lease Assignment

What is a lease assignment?

A lease assignment transfers an existing lease from the current tenant to a new tenant, who takes over the lease for the rest of its term.

The lease itself does not change. The new tenant takes on the rent and the other obligations, and the outgoing tenant usually steps away from the premises.

Can I assign my lease to someone else?

Usually, yes, but only if the lease allows it, and usually only with the landlord’s consent.

Many leases say the landlord cannot refuse consent unreasonably, and they often set conditions, such as references for the new tenant or a rent deposit. I check what your lease says before you agree a deal.

What is a licence to assign?

A licence to assign is the landlord’s formal written consent to the assignment. It sets out any conditions the landlord attaches, and it is signed before or at the same time as the assignment.

What is an authorised guarantee agreement?

It is an agreement under which the outgoing tenant guarantees that the new tenant will meet its obligations under the lease. Landlords often require one as a condition of consent. I explain what it means for you before you sign.

Outgoing and incoming tenants

I act for the outgoing tenant or for the incoming tenant. For an outgoing tenant, I deal with the landlord’s consent, the licence to assign and the deed of assignment. For an incoming tenant, I check the lease you are taking on, and any rent deposit or guarantee the landlord asks for.

How it works

1. You tell me about the lease, the new tenant and the deal agreed.
2. I send you a fixed-fee quote and tell you which firm will act for you.
3. Identity checks and documents are handled online.
4. I deal with the landlord’s solicitor on consent and the licence to assign.
5. You sign online, or by post where that is needed, and I complete the assignment.

Fees

My fixed fee for a lease assignment covers the licence to assign and a rent deposit deed. It is on the Fees page, shown plus VAT and including VAT.