If your business takes over a lease for a property, a solicitor is strongly recommended to manage the documentation and agree terms on your behalf.
Here is vital advice to help aid your search for 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 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, or 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.
To Whom Do I Have To Contact When Once A Lease Has Been Assigned?
After the assignment of lease is finished, then you will generally be required to keep contact with the assignee, or subtenant. Depending on the terms of your new leaseholder contract, you may also be expected to speak with the landlord on their behalf.
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 a lease. Monitoring client’s reviews, size of the firm and the cost of a service may help inform your decision.
How Will A Solicitor Charge Me?
Assignment of a 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.