About this assignment of lease agreement
Use this agreement to transfer a commercial property lease (often called a business lease or a business tenancy) between an outgoing and a new tenant. If you try and pass obligations without a formal agreement such as this one, you may be in breach of the terms and the landlord may take action against you or forfeit the lease.
Commonly, a lease would be assigned from the seller to the purchaser when a business is sold, but there are many other situations when this document could be used.
The document is structured as a deed and obtains consent from the landlord as well as the tenants, ensuring a successful transfer.
Why a deed of assignment?
Our lease assignment agreement has been drawn as a deed rather than a contract. This is for two reasons. First, a lease is a deed, so to transfer it requires a deed. Secondly, in law, a contract requires consideration (something in return for the assignment). The landlord could ask for nothing for the consent, then change his mind later. A deed requires no consideration, so it is a more certain way of achieving the required purpose.
How to assign a lease
Start by looking at the permission and conditions in your agreement. You must comply. Either the lease will require the consent of your landlord, or it will be silent on the question, or it will say you may not assign. In the two latter cases, of course you should approach the landlord informally first.
He will want full information about your proposed assignee so that he can be sure the next tenant is as strong financially as you are.
If you are already in breach of some term of the agreement, or the landlord is under no obligation to agree, he may ask for payment of a fixed sum or an increase in the rent. Alternatively, at assignment some other change may be agreed.
After agreeing terms with both the landlord and your assignee, you use this document to record the deal and formally assign the lease to the new tenant.
Using this assignment agreement does not affect the original lease. What it does is to move the entitlement to occupation and the obligations in the lease to someone else, with the permission of the landlord.
Agreement features and contents
- Ensures a legal transfer as it is drawn as an agreement between all parties;
- Comprehensive and easy to use
- Drawn as a deed
The assignment of lease agreement contains the following sections:
- Details of the parties;
- Identification of liabilities of the out-going tenant including those of which the landlord may not be aware;
- The assignment: the assignee takes over the liability for compliance with every term of the lease;
- Payment: including alternative payment provisions in case the parties want to arrange for payment by the assignee to the assignor, or even, rarely, the other way round
- Landlord consent;
- Changes to the terms of the original lease agreement;
- Provision for agreement on publicity in case the transfer attracts unwanted attention;
- Other usual legal provisions in plain English.
Reasons to buy from Net Lawman
Full money back guarantee – buy with confidence
Our assignment of lease agreement comes with a no questions asked full money back guarantee. You take no risk that it might not be right. Once you buy it, we’ll give you 30 days to evaluate it in any way you want. If for any reason you’re not happy, just e-mail us and we’ll refund your money in full immediately.
Guidance notes included - prior legal knowledge is not required
Comprehensive guidance notes, written by the author of the document, are included. These notes ensure that you don’t need to be a lawyer or have knowledge of the law to understand which paragraphs you should edit to complete the agreement.
Minimal editing required
Like all Net Lawman documents, this document has been written specifically in such a way that you don’t need to spend hours editing it. It uses an approach where you remove the sections that aren’t applicable to you, so you don’t have to add any back, write your own, or worry about whether you are using correct legal language.
Paragraphs have been written to stand alone from each other. Removing one that isn’t applicable to your circumstances doesn’t affect the standing of any other in the deed.
Plain language minimises future disagreements
Your agreement is real law written in plain language that all parties will understand. This will minimise the likelihood of later disputes.
If a dispute does arise and you find yourself in court, the judge will look more favourably on a legal agreement written in plain language over one peppered with complicated legal jargon. Your case will be stronger if it is clear that both sides understood the agreement when it was signed.
Buy once – re-use again and again
You can use the template as many times as you like – just create a new document from the master version.
Delivered straight to your inbox
As soon as you complete the secure checkout process, we will send your document straight to your inbox. We will also keep a copy for you for 60 days in our customer area so you can access it even when you are away from your e-mail.
Still unsure whether this is the right document for you?
If you are unsure whether this assignment of lease agreement is suitable for your particular circumstances, then you have two options. The first is to buy now, evaluate the document, and use the 30 day, full money back guarantee to obtain a refund if it isn’t suitable. You take no risk in seeing the agreement. The second option is to contact us and ask. We can’t offer you legal advice on your situation, but we can help you find the document you want. We aim to respond to your question within 24 hours. |
