If you or your business is sub-letting a property to a tenant, a solicitor is strongly recommended to draw up the legal documentation for signing over the lease to a sub-tenant.
Here’s some essential advice and guidance to assist you with your selection of a legal specialist.
What Is Meant By Assignment Of Lease?
It is the procedure of transferring the property lease to a sub-tenant. In simpler terms the current tenants hand over their commitments to a landowner and their obligations regarding a property over to a new occupant. In some cases, the original tenant may still require to act as intermediary between the landowner and sub-tenant.
What Are The Benefits Of Assigning A Lease?
This mainly benefits the assignor, the original tenant, as it enables them to free their premises before the previously agreed end date of the lease. Typically, any effect on the landowner is insignificant.
Do I Maintain Responsibility For The Property?
As a landowner, you hold complete responsibility for a property throughout the assignment procedure. The tenancy may alter but you still need to communicate with the assignor and your obligations to any tenant in your property continue as before.
How Can I Select The Best Legal Professional?
It’s worth considering various elements when selecting a legal professional to deal with the assignment of lease. You may wish to think about the reputation and expenses of a firm prior making your decision. Previous client reviews can be particularly beneficial in establishing the most efficient solicitor for you.
How Will A Solicitor Charge Me?
Assignment of lease is a straightforward procedure. Solicitors may charge you on a fixed fee or fixed hourly basis, depending on the firm and the specifics of your matter.