Assigning a lease involves transferring your current lease to another entity (whether an individual, partners, or a limited company) who takes your place. Accordingly, the new tenant steps into your shoes, and takes on your rights and obligations under the contract. In the commercial property context, this proves particularly useful for businesses who wish to change locations, or need to move into a different sized premises. However, there are a number of points to consider to help you best to protect yourself in the process.  Firstly, most leases will contain a contractual term dictating that assignment can only occur with your landlord’s consent. Therefore, it is important for you as the outgoing tenant obtain a licence to assign. Fortunately, the Landlord and Tenant Act 1927 puts the landlord under an implied duty to not unreasonably withhold consent to a lease … Continue reading →