Dealing with Lease Assignment
Most business leases permit a tenant to assign (or sell) the lease subject to obtaining the landlord’s consent. The landlord’s consent is usually given in a formal Licence to Assign.
Before a landlord will give consent he will usually want to be satisfied that the incoming tenant will be able to pay the rent and perform the other tenant covenants in the lease. It is open to a landlord to request a guarantor or a rent deposit if the incoming tenant is of poor covenant strength.
These Dealing with Lease Assignment templates offer offer key documents for use by landlords and property managers to help with the assignment of a lease and include heads of terms, various letters for the landlord to send to the tenant and a licence to assign. The licence is a tripartite document involving the landlord, outgoing tenant and new tenant (assignee).
Landlords should refer to the Protocol for Applications for Consent to Assign or Sublet when handling an application for consent to assign. The Protocol can be found at http://www.propertyprotocols.co.uk. Compliance with the Protocol is voluntary but the Protocol has broad support in the commercial property sector. Our documents are designed to aid compliance with the Protocol.
- Licence to Assign Heads of Terms
- Licence to Assign Lease
- Landlord’s Acknowledgement of Application for Consent to Assign
- Landlord’s Letter Consenting to Proposed Assignment of Lease
- Landlord’s Refusal of Consent to Proposed Assignment of Lease
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