If you are renting a property for commercial use and you want to move out but you are bound by a contract and feeling stuck, Saracens Solicitors London commercial lease solicitor may be able to help.
If you are unhappy with your current commercial lease situation, if your business is not going well or if you wish to expand your business and find a bigger place, then an assignment of lease may be the ideal solution for you – especially if you have not included a break clause in your commercial lease. Your London commercial lease solicitor will guide you through the process and will do their best to help you save time and money.
How does an assignment of lease work?
An assignment of lease can only work if your landlord agrees with your intention to transfer your lease to someone else. If you know someone who would be willing to take over your lease, you can apply to your landlord for an assignment of lease. If they agree, you can get out of your commercial lease without fuss.
However, an assignment of lease is not always permitted. In some cases, a landlord may refuse the assignment for the protection of the property. For instance, if you were using the property as an office and the new tenant wants to use it as a repair garage for cars, then your landlord may not agree to have his property used differently. Your landlord may also refuse to have the property assigned if the new tenant’s references are not good or if they are concerned about finances. Our experienced London commercial lease solicitor will be able to advise you on how to proceed in this case.
An easy and stress-free way to get out of a commercial lease
If your landlord agrees to an assignment, some terms may apply, but generally, they will be more lenient compared to a break clause. An assignment of lease is usually the most viable option for your business. To know more about the process and where you stand, contact us today and we will book an appointment for you.