What else you might like to know about Assignment of Lease (tenant)
If your business takes over the lease for a property, a legal service provider is well placed to handle documentation and agree tenancy terms on your behalf. Here is some basic advice and guidance to inform your choice of legal expert.
What is meant by assignment of lease?
The assignment of a lease is the process of transferring the lease of a property to a sub-tenant. In simple terms the existing tenant hands over their obligations to a landlord and their responsibilities for a property over to a new resident. In some instances, the original tenant may still need to act as intermediary between the sub-tenant and the landlord.
What are the benefits of assigning a lease?
The assignment of a lease mainly benefits the assignor, or the original tenant, as it allows them to vacate their premises before the previously agreed termination date of the lease. Typically, any impact on the landlord is minimal.
Who is my point of contact once a lease has been assigned?
After the assignment of lease is complete then you will usually be expected to maintain contact with the assignee, or subtenant. Depending on the terms of your original leaseholder agreement, you may also be expected to speak with the landlord on their behalf.
How can I choose the best legal expert?
It is worth considering a number of factors when choosing a legal expert to handle the assignment of a lease. If you prefer to meet your legal representative face-to-face then the location of a legal service provider may be important to you. Checking customer reviews, size of the firm and the cost of a service may also inform your decision.
Answer a few short questions now and start comparing legal service providers based on the criteria most important to you.
How will a legal service provider charge me?
Assignment of a lease is a relatively straightforward process. Legal service providers may charge you on a fixed fee or hourly rate basis, depending on the firm and the specifics of your matter.
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