When a business tenant wants to move on, it usually assigns its lease to a new tenant rather than ending it. As the solicitor, you steer that transfer: protecting your client from lingering liability, securing the landlord's consent, drafting the deed, and making sure the legal estate actually passes. The detail matters — a missed deadline or an overlooked guarantee can cost a client dearly years down the line.
This lesson takes you through an assignment in the order it happens in practice:
- Assignment and Outgoing Tenant Liability — what an assignment is, and how 'old' and 'new' leases treat the outgoing tenant's continuing liability.
- Authorised Guarantee Agreements (AGAs) — when the outgoing tenant guarantees the assignee, and how far that liability stretches.
- The Section 17 Notice and Overriding Lease — the deadline for recovering sums from a former tenant, and the lease that tenant can demand in return.
- Consent to Assign and Landlord's Duties — qualified covenants, the landlord's statutory duties, and the licence to assign.
- Title, Enquiries and Searches — what the assignee can call for and which enquiries and searches to run.
- The Contract and Deed of Assignment — conditional contracts, title guarantee, and indemnity covenants.
- Completion and Post-Completion Steps — the documents handed over, plus tax, registration and notice.