How long does a lease assignment take?

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.

Who pays for assignment of lease?

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.

What is the difference between assignment and transfer of lease?

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.

Can you assign part of a lease?

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.

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.

How do I renew a lease?

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.

How much does it cost to renew a Lease?

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.

Can you refuse to renew a Lease?

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.

What happens when a lease expires?

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

Do I need a solicitor for lease renewal?

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