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Assignment of Leases

If you need to transfer a commercial lease to someone else, contact the experienced commercial solicitors at Business Lawyers Direct.

The most common reason tenants want to transfer their lease early is because they are selling their business. We have extensive experience of both facilitating business sales and negotiating the transfer of a lease with commercial landlords.

Conditions for Assignment

It is generally only possible to transfer a lease under certain conditions:

  • The new tenant has to provide acceptable references, for example a letter from the bank confirming they are capable of covering rental costs. A new tenant may also be required to provide a reference from a former landlord and current trade suppliers (where applicable).
  • If you are an existing tenant, you may be asked to personally guarantee that the new tenant will pay the rent until the lease is transferred to someone else, or until the lease ends. This is known as an Authorised Guarantee Agreement, and can come as a shock to tenants who are transferring a lease for the first time.
  • Landlords may also insist that a new tenant pays a deposit in advance that is over and above the rent that is usually payable monthly or quarterly. For example, a landlord may require a deposit of six months rent, which would be documented in the form of a Rent Deposit Deed.

Why contact Business Lawyers Direct?

We will deal with the paperwork quickly and efficiently, ensuring the lease is transferred at the earliest possible moment, letting everyone involved get back to running their businesses.

Whatever your situation, if you are involved in the transfer of a commercial lease and are in need of advice and guidance from an experienced solicitor.

Call Business Lawyers Direct today on or contact us via our online enquiry form and one of our senior solicitors will be pleased to discuss your requirements.

Business Lawyers Direct is a division of A.S. Matthews Limited which is authorised and regulated by the Solicitors Regulation Authority (561754). Registered office: 136 Park Lane, Whitefield, Manchester, M45 7PX. Company No: 7643746. VAT No: 116572715. Director: Andrew H. Kormornick.
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