Assignment of Lease
What do you do if you see a property you like but there is already someone living there with a lease? Well, if the current tenant agrees you can get the lease assigned to you.
To do this you need to obtain a copy of the lease from the tenant or landlord and then get references to show that you have the ability to pay the rent and are of good character to satisfy the landlord.
Before taking on a lease you should find out what you will be responsible for other than paying rent, and who else you may be sharing the property with. You may need permission if, for instance, you wanted to redecorate the property.
The landlord should consent to an assignment of the lease. They should allow it to proceed without delay unless they have insufficient information about the proposed new tenant, or that the new tenant’s ability to pay rent or the subject of their character is called into question.
However, if the assignee meets all the above requirements there would be no reason for the landlord to object and the Licence to Assign can be agreed and signed which permits the assignment to take place.
Contact Kaiser Solicitors to help with your assignment of lease questions.
