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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.
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.
As the landlord, you retain overall responsibility for a property throughout the assignment process. The tenancy may change but you may still be required to liaise with the assignor and your obligations to any tenant in your property remain the same.
It is worth considering a number of factors when choosing a legal expert to handle the assignment of a lease. You may wish to consider the location, reputation and cost of a firm before making your decision. Customer reviews can be particularly useful in establishing the right legal service provider for you.
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Assignment of a lease is a relatively straightforward process. Legal service providers may charge you on a fixed fee or fixed fee with capped hours basis, depending on the firm and the specifics of your matter.
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Assignment of Lease (landlord)