Steps to Assign lease

Question 1

Purpose of license to assign?

Answer 1

Get landlord to consent to assignor handing over lease to assignee

Question 2

SC for landlord’s consent deadlines?

Answer 2

SC: either party can rescind contract if consent not given 3 working days before completion

Question 3

SCPC for landlord’s consent deadline?

Answer 3

SCPC: completion is postponed to 5 working day after notified consent is given + cannot rescind until 6 months pass OG completion date

Question 4

Who prepares license to assign?

Answer 4

landlord’s solicitor

Question 5

What is in a license to assign?

Answer 5

• landlord’s consent + conditions
• if lease after 1996: AGA
• before 1996: direct covenant
• assignor undertakes to pay landlord​s legal costs

Question 6

New lease?

Answer 6

After 1996

Question 7

old lease?

Answer 7

before 1996

Question 8

What is a deed of assignment + who drafts?

Answer 8

Transfers legal title drafted by assignee’s solicitor

Question 8

Protect landlord under new lease by…

Answer 8

AGA to promise new tenant will comply with covenants until next lease assignment

Question 8

Protect landlord under old lease by…

Answer 8

T2 enter into direct covenant with landlord - liable for rest of lease