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No assignee or subtenant of the Premises or any portion thereof may assign or sublet the Premises or any portion thereof.Any assignment made by Tenant shall contain a covenant of assumption by the assignee running to Landlord.
Your own lease will set out what you are and are not allowed to do by way of assigning or sub-letting, and the conditions that you will need to follow.
Most commonly, your lease will permit assignment with your landlord’s consent, which must not be unreasonably withheld.
On the other hand, if you should be paying a rent above the market rate you would probably need to pay a capital sum to the new tenant for taking on a lease under which he or she will pay a rent above market rate.
What conditions would my landlord normally impose on an assignment?
This is a complex area and you should ensure that your chartered surveyor or solicitor explains the position to you.
Subletting your property If you sub-let your property to a new tenant, you remain responsible for paying the rent to your landlord and observing the other terms of the lease.
If the new tenant should later default on the terms of the lease, the landlord may still be able to demand that you pay the rent and fulfil the other obligations.
If your present rent is below the market rate, and a new tenant would therefore pay a rent below market rate until the next rent review, your lease may have a capital value and you may be able to charge a capital sum also known as a premium for assigning it.
Lastly, you could mount a challenge through the court, which is likely to pay most attention to the financial standing of the proposed assignee.
What continuing obligations do I have after an assignment?