Assign a lease to get rid of rental expenses

Assigning a lease transfers your rights under the lease to the new tenant. As you are no longer responsible under the original lease from the assignment date, your rental expenses for this lease falls to zero. Although lease assignments require the consent of the landlord, the landlord cannot unreasonably withhold consent (providing the proposed tenant is of good financial standing).

Implementation process:

1. Find a tenant willing to take over your lease on its current terms and conditions – the new tenant will be required to provide personal guarantees and bank guarantees.
2. Request consent from the landlord to assign the lease – this request must be in writing and include information on the experience and financial standing of the proposed lessee.
3. Have a solicitor draft a ‘transfer of lease’ and ‘deed of consent’ to assign the lease with the landlord and each other.