Q: Do I need a solicitor to assign a lease?

It’s important to have a property solicitor on board with your assignment of lease, as they can help you liaise with your prospective tenant’s legal representatives as well as review the terms of the lease.

Question 1

How long does a lease assignment take?

Accepted Answer

If you and your new tenant agree on the terms of the lease then the process will only take 2-3 weeks to put together all the documentation. If you dispute what they are asking for it can delay things up to 6-8 weeks until you have come to an agreement.

Question 2

Who pays for assignment of lease?

Accepted Answer

It is usual during the assignment of a lease that the new tenant entering into the lease will pay for the landlord’s legal costs as well as their own.

Question 3

What is the difference between assignment and transfer of lease?

Accepted Answer

Assignment and Transfer of Lease are essentially the same and are often used interchangeably. Generally, transfer implies more significant changes to the lease. Your solicitor can help make sure you are following the right process.

Question 4

Can you assign part of a lease?

Accepted Answer

It is possible to fragment a lease between multiple parties, however this is uncommon and unpopular, as it will make it harder for you to enforce your covenants and collect rent.

Question 5

Do I need a solicitor to assign a lease?

Accepted Answer

It&rsquo;s important to have a property solicitor on board with your assignment of lease, as they can help you liaise with your prospective tenant&rsquo;s legal representatives as well as review the terms of the lease.

Question 6

What is a new leaseholder agreement?

Accepted Answer

A new leaseholder agreement is a contractual agreement signed by the landlord and the tenant when a property is being leased. It's important to choose an expert lawyer with lease experience to support you in protecting your property long term, and ensuring you're getting the best deal. You can also learn more about the cost of agreeing a commercial lease.

Question 7

Can the terms of a lease be changed?

Accepted Answer

Yes, lease terms can be changed after the agreement has been signed. Both sides must first agree to any changes that take place before this can be actioned so that no shifts in the regulations are forced upon the other party.

Question 8

What is lease renewal?

Accepted Answer

It is recommended to use a solicitor even when renewing a lease, as there are so many instances where things outside your control could have changed since your initial lease was signed. It's also worth being aware that if your new lease is over 7 years, it will need to be registered with the Land Registry.

Question 9

What legal action can you take for a breach of lease?

Accepted Answer

Should there be any breach of your leaseholder agreement, action can be taken. This can include claims for damages for any loss suffered due to the breach, an injunction to prevent the leaseholder from continuing to commit the breach, or even forfeiture of the lease if necessary.

Question 10

How do I get a leaseholder agreement?

Accepted Answer

To create a leaseholder agreement, speak with a legal expert who will advise you on what you should include in it.  Legal support in the creation and signing of this document will ensure you as the landlord and your tenant are clear on the expectations around living in the property.

Question 11

What is the purchase of a business?

Accepted Answer

The purchase of a business is the act of buying or acquiring a business with the intention of continuing its commercial operations. Whether you&rsquo;re buying as an individual or on behalf of a company, legal expertise is a must.

Question 12

How long does it take to buy a business?

Accepted Answer

The length of time it takes to buy a business can depend on the situation. Variables can include the landlords or investors involved and must be considered when calculating the purchase period. It&rsquo;s best to allow for 4-6 weeks between the start and completion of the process.

Question 13

How do you value a business?

Accepted Answer

Valuing a business prior to purchase is extremely important so that you don&rsquo;t overpay and are aware of exactly what you&rsquo;re getting in the deal. A financial advisor is a key member of the team here and can advise on the value of different assets.

Your solicitor will also be able to guide you through the valuation before you purchase the business, highlighting any concerns, or any points where you need to ask more questions.

Question 14

Do I need a solicitor to buy a small business?

Accepted Answer

Whether the business you&rsquo;re buying is large or small, it is vital that you have a solicitor at your side throughout the process to ensure the exchange is valued correctly and that the purchase agreement meets both party&rsquo;s desires.

Question 15

How do I choose a great solicitor when buying a business?

Accepted Answer

With an important purchase you will want to feel confident that you've got an expert on your side. We recommend checking their experience in business purchases, asking for examples, checking reviews online, and spend some time speaking to your potential solicitor, to see if they offer everything you expect. Have a look at our guide on choosing a solicitor.

Question 16

How do I renew a lease?

Accepted Answer

Lease renewal is typically started by the leaseholder. Their legal representatives will provide an offer (based on a property valuation) which you can accept or counter.

Question 17

How much does it cost to renew a Lease?

Accepted Answer

As part of the lease renewal process, the leaseholder is required to pay the freeholder’s solicitor and valuation fees, so as a landlord your costs will be minimal if anything.

Question 18

Can you refuse to renew a Lease?

Accepted Answer

You can refuse to renew a lease but only under certain legal grounds, for example if the tenant does not maintain the property, has breached certain obligations or you wish to move into the property yourself. A legal expert can help you if you think you have grounds to refuse.

Question 19

What happens when a lease expires?

Accepted Answer

When a lease runs out, the tenant can continue to live in the property unless you or they decide to end their tenancy.

Question 20

Do I need a solicitor for lease renewal?

Accepted Answer

It&rsquo;s important to have a property solicitor on board with your lease renewal, as they can help you liaise with your tenant&rsquo;s legal representatives as well as review the terms of the lease.

Question 21

Do I need a solicitor to sell my business?

Accepted Answer

Whilst you don&rsquo;t legally need to have a solicitor in order to sell your business, a solicitor can provide valuable guidance and assistance throughout the process, ensuring that all legal requirements are met and protecting your rights and interests. A solicitor can help you navigate any potential legal complexities and ensure the transaction proceeds smoothly.

Question 22

How much does it cost to sell my business?

Accepted Answer

The legal cost of selling your business depends on the complexity of the sale and how your solicitor works out their rates. Sometimes, a solicitor may take a percentage of the business sale value. It&rsquo;s worth talking to your legal expert about how they charge for business sale work, as well as considering all the other costs like an accounting expert.

Question 23

What does selling as a going concern mean?

Accepted Answer

Selling a business as a going concern means that the business is being sold with the intention of continuing its operations and maintaining its current customer base. When selling a business as a going concern, it is important to ensure that all necessary assets, contracts, and licenses are transferred to the buyer so that they can continue operating the business seamlessly.

Question 24

How long does it take to sell a business?

Accepted Answer

An average timeline for selling a business could be 6-12 months, but you can speed this up by having all of your paperwork and financials in order, picking a great solicitor to help you process all the paperwork and choosing the right time to sell.

Question 25

How do you value a business?

Accepted Answer

Valuing a business involves assessing various factors to determine its worth. One common method is the financial approach, which involves analysing the business's financial statements, cash flow, and profitability.

Another approach is the market approach, which compares the business to similar companies that have recently been sold to determine its value.

The asset-based approach values the business based on its tangible and intangible assets, such as inventory, equipment, intellectual property, and goodwill.

What business legal area do you need help with?

Business Property

Business Employment

Business Services

Business Disputes

Find other services?

Who are The Law Superstore

How can The Law Superstore help you?

Trusted Partners

Compare Instantly

Flexible Pricing

Why choose The Law Superstore?

Popular business services

Purchase of Commercial Property

New Lease (tenant)

Settlement Agreement

Shareholder Agreements