who prepares deed of assignment of lease

Assignment Of Leases And Rents

Jump to section, need help with a legal contract, what is an assignment of leases and rents.

The assignment of leases and rents, also known as the assignment of leases rents and profits, is a legal document that gives a mortgage lender right to any future profits that may come from leases and rents when a property owner defaults on their loan. This document is usually attached to a mortgage loan agreement.

Assignment of leases and rents allows lenders to a degree of financial protection in case a loan default occurs. This document is an agreement made between a borrower and a lender of mortgage loans. It often details an exact amount the lender will be entitled to if a default happens.

Common Sections in Assignments Of Leases And Rents

Below is a list of common sections included in Assignments Of Leases And Rents. These sections are linked to the below sample agreement for you to explore.

Assignment Of Leases And Rents Sample

Reference : Security Exchange Commission - Edgar Database, EX-10.9 10 d368735dex109.htm ASSIGNMENT OF LEASES AND RENTS , Viewed October 4, 2021, View Source on SEC .

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Lawyers with backgrounds working on assignments of leases and rents work with clients to help. Do you need help with an assignment of leases and rents?

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Meet some of our Assignment Of Leases And Rents Lawyers

Ferraro Law Firm was founded by Dean C. Ferraro. Dean earned his Bachelor's Degree from California State Polytechnic University, Pomona ("Cal Poly Pomona") in 1992 and his J.D. Degree from the University of Mississippi School of Law ("Ole Miss") in 1996. He is licensed to practice law in the State Courts of Colorado, Tennessee, and California. Dean is also admitted to practice before the United States District Courts of Colorado (District of Colorado), California (Central District), and Tennessee (Eastern District). Shortly after earning his law license and working for a private law firm, Dean joined the District Attorney's office, where he worked for five successful years as one of the leading prosecuting attorneys in the State of Tennessee. After seven years of practicing law in Tennessee, Dean moved back to his birth state and practiced law in California from 2003-2015. In 2015, Dean moved with his family to Colorado, practicing law in beautiful Castle Rock, where he is recognized as a highly-effective attorney, well-versed in many areas of law. Dean's career has entailed practicing multiple areas of law, including civil litigation with a large law firm, prosecuting criminal cases as an Assistant District Attorney, In-House Counsel for Safeco Insurance, and as the founding member of an online law group that helped thousands of people get affordable legal services. Pursuing his passion for helping others, Dean now utilizes his legal and entrepreneurial experience to help his clients in their personal and business lives. Dean is also a bestselling author of two legal thrillers, Murder in Santa Barbara and Murder in Vail. He currently is working on his next legal thriller, The Grove Conspiracy, set to be published in 2023.

Jason is a self-starting, go-getting lawyer who takes a pragmatic approach to helping his clients. He co-founded Fortify Law because he was not satisfied with the traditional approach to providing legal services. He firmly believes that legal costs should be predictable, transparent and value-driven. Jason’s entrepreneurial mindset enables him to better understand his clients’ needs. His first taste of entrepreneurship came from an early age when he helped manage his family’s small free range cattle farm. Every morning, before school, he would deliver hay to a herd of 50 hungry cows. In addition, he was responsible for sweeping "the shop" at his parent's 40-employee HVAC business. Before becoming a lawyer, he clerked at the Lewis & Clark Small Business Legal Clinic where he handled a diverse range of legal issues including establishing new businesses, registering trademarks, and drafting contracts. He also spent time working with the in-house team at adidas® where, among other things, he reviewed and negotiated complex agreements and created training materials for employees. He also previously worked with Meriwether Group, a Portland-based business consulting firm focused on accelerating the growth of disruptive consumer brands and facilitating founder exits. These experiences have enabled Jason to not only understand the unique legal hurdles that can threaten a business, but also help position them for growth. Jason's practice focuses on Business and Intellectual Property Law, including: ​ -Reviewing and negotiating contracts -Resolving internal corporate disputes -Creating employment and HR policies -Registering and protecting intellectual property -Forming new businesses and subsidiaries -Facilitating Business mergers, acquisitions, and exit strategies -Conducting international business transactions ​​ In his free time, Jason is an adventure junkie and gear-head. He especially enjoys backpacking, kayaking, and snowboarding. He is also a technology enthusiast, craft beer connoisseur, and avid soccer player.

Maigan is a registered nurse and attorney with tech law experience, specifically in Web3, including NFTs. Maigan acted as general counsel for a NFT platform for two years and speaks and understands smart contracts. As a registered nurse, Maigan is in a unique position to understand health law issues and graduated with a concentration in health law distinction. Maigan is happy to help you create a business entity, draft and negotiate contracts and agreements, apply for trademarks, draft terms of service and privacy notices, draft terms of sale for NFT drops, draft web3 licenses, and act as a consultant for other attorneys looking for someone who understands web3 and NFTs. Maigan speaks conversational Spanish.

Founder David W. Weygandt, the Singing Lawyer, is passionate about helping families and businesses stay in tune with what they care about and avoid conflict. When injustice has been done, David is proud to stand up to the modern Goliath and vindicate your rights on your behalf. David lives and practices law in The Woodlands, Texas, and assists clients all across Texas.

Attorney Nicole B. Phillips is a northwestern Iowa native and devotes her practice to the area of Family Law. She is an experienced trial attorney with over 12 years of family law experience. ​ Nicole graduated from The University of South Dakota with a degree in Criminal Justice, and attended Oklahoma City University School of Law to obtain her law degree. Prior to establishing Phillips Law Firm, P.C., Nicole built her first successful law practice in Oklahoma City, Oklahoma, where she focused on Family Law, Estate Planning and Personal Injury Law, and her second successful law practice in Sherman, Texas, focusing primarily on Family Law. ​ Nicole has one daughter, Arabella. In addition to enjoying time with her daughter, Nicole enjoys reading, family dinners, traveling, spending time with friends, and game nights.

Ari is a transactional attorney with substantial experience serving clients in regulated industries. He has worked extensively with companies in regulated state cannabis markets on developing governance documents (LLC operating agreements, corporate bylaws, etc...), as well as drafting and negotiating all manner of business and real estate contracts.

I am the Founding Member of Evan Ficaj Law Firm PLLC, and I am passionate about helping businesses launch, grow, and succeed. My law firm assists clients with business, contract, entertainment, IP, and estate planning matters.

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Deed of Assignment: Everything You Need to Know

A deed of assignment refers to a legal document that records the transfer of ownership of a real estate property from one party to another. 3 min read

Updated October 8,2020:

A deed of assignment refers to a legal document that records the transfer of ownership of a real estate property from one party to another. It states that a specific piece of property will belong to the assignee and no longer belong to the assignor starting from a specified date. In order to be valid, a deed of assignment must contain certain types of information and meet a number of requirements.

What Is an Assignment?

An assignment is similar to an outright transfer, but it is slightly different. It takes place when one of two parties who have entered into a contract decides to transfer all of his or her rights and obligations to a third party and completely remove himself or herself from the contract.

Also called the assignee, the third party effectively replaces the former contracting party and consequently assumes all of his or her rights and obligations. Unless it is stated in the original contract, both parties to the initial contract are typically required to express approval of an assignment before it can occur. When you sell a piece of property, you are making an assignment of it to the buyer through the paperwork you sign at closing.

What Is a Deed of Assignment?

A deed of assignment refers to a legal document that facilitates the legal transfer of ownership of real estate property. It is an important document that must be securely stored at all times, especially in the case of real estate.

In general, this document can be described as a document that is drafted and signed to promise or guarantee the transfer of ownership of a real estate property on a specified date. In other words, it serves as the evidence of the transfer of ownership of the property, with the stipulation that there is a certain timeframe in which actual ownership will begin.

The deed of assignment is the main document between the seller and buyer that proves ownership in favor of the seller. The party who is transferring his or her rights to the property is known as the “assignor,” while the party who is receiving the rights is called the “assignee.”

A deed of assignment is required in many different situations, the most common of which is the transfer of ownership of a property. For example, a developer of a new house has to sign a deed of assignment with a buyer, stating that the house will belong to him or her on a certain date. Nevertheless, the buyer may want to sell the house to someone else in the future, which will also require the signing of a deed of assignment.

This document is necessary because it serves as a temporary title deed in the event that the actual title deed for the house has not been issued. For every piece of property that will be sold before the issuance of a title deed, a deed of assignment will be required.

Requirements for a Deed of Assignment

In order to be legally enforceable, an absolute sale deed must provide a clear description of the property being transferred, such as its address or other information that distinguishes it from other properties. In addition, it must clearly identify the buyer and seller and state the date when the transfer will become legally effective, the purchase price, and other relevant information.

In today's real estate transactions, contracting parties usually use an ancillary real estate sale contract in an attempt to cram all the required information into a deed. Nonetheless, the information found in the contract must be referenced by the deed.

Information to Include in a Deed of Assignment

• Names of parties to the agreement
• Addresses of the parties and how they are binding on the parties' successors, friends, and other people who represent them in any capacity
• History of the property being transferred, from the time it was first acquired to the time it is about to be sold
• Agreed price of the property
• Size and description of the property
• Promises or covenants the parties will undertake to execute the deed
• Signatures of the parties
• Section for the Governors Consent or Commissioner of Oaths to sign and verify the agreement

If you need help understanding, drafting, or signing a deed of assignment, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.

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Content Approved by UpCounsel

• Define a Deed
• Contract for Deed California
• Contract for Deed in Texas
• Assignment Law
• Deed Contract Agreement
• Assignment Of Contracts
• Legal Assignment
• Deed vs Agreement
• Assignment Legal Definition
• Contract for a Deed

Navigating the assignment of a residential lease

A landlord can assign his leases to a new buyer of his building. Likewise, a tenant may be able to assign his lease if he needs to relocate. Find out how to assign your lease and what you can do to protect yourself when doing so.

updated November 21, 2023 · 3min read

Assignment of lease by the tenant

Assignment of lease vs. sublease, assignment of lease by the landlord.

As a tenant, you may want to get out of your residential lease without paying the remaining rent. Likewise, if you're a landlord and sell your rental property, the buyer must now collect rent from the tenants, who may have no idea you sold the property. In both situations, assignment of a lease with a release for the tenant and assignment of leases with notice by the landlord accomplish these goals.

If you're the tenant and want to leave before the end of your lease term, you may be able to assign your lease to a third party if the landlord doesn't let you out of the lease. The third party then becomes the new tenant, who is bound by the terms of the original lease and pays rent to the landlord.

Most often, the lease won't permit assignment without the landlord's approval, but leases often state that the landlord cannot unreasonably withhold consent. As long as you produce a tenant who's shown a history of payment under prior leases and has been a model tenant, a landlord should consent to assignment.

The assignment of lease form should include places for the tenant-assignor, the new tenant-assignee, and the landlord to sign. If the master lease allows assignment, then the tenant doesn't need the landlord's permission; the tenant can sign an assignment of lease agreement without the landlord's signature.

If the landlord allows an assignment of the lease, you, as the tenant, also want him to sign a release stating that you're not responsible for the new tenant's failure to pay or for any damage she causes. Without such a release, you may still be liable for both.

When you, as the tenant, assign the lease, you sign an agreement that either reads “Assignment of Lease," “Lease Assumption Agreement," or “Assignment and Assumption Agreement." An assumption of the lease means that the new tenant assumes your obligations, such as paying rent and keeping the apartment in good condition.

An assignment of a lease transfers the tenant's entire rights in the property to a third party. With a sublease, on the other hand, the tenant transfers only a portion of the remaining lease. For example, if the original tenant has six months remaining on his lease and he gives the entire six months to a third party, the tenant is permanently assigning his rights to live on the property to the third party. If, however, the tenant allows that third party to stay at the premises for only three months, and the tenant intends to return after three months, he is subleasing the premises.

A landlord can assign the right to collect rent to someone who has purchased the property. An assignment of lease from the seller to the buyer allows the new landlord to collect rent from any and all current tenants in the building. The language in the landlord's assignment of lease agreement can include assignment of security deposits, if the parties agree to it. An assignment of leases by the landlord to the buyer affords protection to the buyer so he can collect rent.

An assignment of leases by the landlord to the buyer is meaningless if tenants aren't aware the landlord sold the property, which is why it's important for the assignor-landlord to give tenants proper notice. A notice of assignment of lease, which is a form signed by both the assignor-landlord and the assignee, or new landlord, is one way to give notice. Another way is to send a letter on the landlord's letterhead. Either way, the notice must include the new landlord's address and how rent is to be paid.

Both landlords and tenants who become assignors should sign a formal assignment of lease agreement, which an online service provider can prepare for you. If you're the tenant who has assigned your lease, try to get a release or you'll still be liable to the landlord. If you're the landlord, make sure you can count on the new tenant to pay the rent before you release the primary tenant from his obligations under the lease.

by   Ronna L. DeLoe, Esq.

Ronna L. DeLoe is a freelance writer and a published author who has written hundreds of legal articles. She does...

Read more...

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Frustrated by a lease assignment process? Here are some tips for a smoother lease assignment

Reading time: 8 minutes

28 May 2018

#Property, Planning & Development

Lease assignments can either run smoothly, or they can be frustrating and costly processes for landlords, tenants and assignees.

So how can you make your life easier? 

Consider these tips for a smoother lease assignment process:

Tip 1: Read the assignment clauses of the lease carefully

This one sounds obvious – but it is an important starting point that tenants sometimes miss. If a tenant is considering seeking the landlord’s consent to an assignment of the lease, read the clauses in the lease about assignments carefully. 

The assignment clause often sets out:

• a process for obtaining the landlord’s consent to an assignment, which may include a specific minimum timeframe that the landlord will need, in order to consider the tenant’s application
• the information the tenant needs to provide to the landlord about the proposed assignee. For example, the lease may require the assignee to compile statements of assets and liabilities (prepared by the assignee or the assignee’s accountant), business references, personal references etc
• that the proposed assignee must have equal or greater financial means as compared to the existing tenant. This type of clause is often included to give landlords comfort that an assignee will have similar capacity to meet the financial and other obligations under the lease as the tenant
• the assignee must only use the premises for the permitted use listed in the lease. So if the permitted use listed in the lease is a pizza shop, and the assignee intends to use it as a nail salon, the proposed assignment will not meet the lease requirements.
• a bank guarantee from the assignee
• a security deposit from the assignee
• personal guarantees from individuals related to the assignee, such as the directors of the assignee if the assignee is a company; and/or
• a guarantee by a company related to the assignee, such as the parent company of the assignee.

As a preliminary step, tenants should ask the assignee to commence compiling the financial information and references required under the lease assignment clause. 

Tip 2: Ask about the landlord’s assignment application process early

Experienced landlords often have an application form to complete and an internal application process for proposed lease assignments. Tenants should ask the landlord (or the landlord’s property manager) about what the landlord’s application process involves, and whether the landlord has an application form that needs to be completed. The application form will often also set out the information the landlord needs from the assignee, in order to process the application.

Usually leases provide that tenants are responsible for the landlord’s costs of a proposed assignment, whether or not the assignment proceeds. Tenants may want to enquire about the landlord’s estimated costs (including the landlord’s legal fees), when asking about the landlord’s application process.

Experienced landlords often request a meeting with the proposed assignee before any formal application for consent to assignment is processed.

Tip 3: Consider any Retail Shop Leases Act 1994 (Qld) disclosure obligations before formally seeking the landlord’s consent

If the lease is a retail shop lease under the Retail Shop Leases Act 1994 (Qld), the tenant has an obligation to give the assignee a disclosure statement and a copy of the current lease (assignor disclosure statement), at least 7 days before the earlier of:

• if the assignment of the lease relates to the sale of the tenant’s business to the assignee, the day the assignee enters into the business sale agreement; and
• the day the landlord is asked to consent to the assignment. [i]

The assignee also has an obligation to give an assignee disclosure statement to the tenant, before the landlord is asked to consent to the assignment. [ii]

When asking the landlord to consent to the assignment, the tenant must give a copy of the assignor disclosure statement to the landlord. [iii]

If a tenant is unsure about whether or not the existing lease is a retail shop lease under the Retail Shop Leases Act 1994 (Qld), the tenant should seek legal advice early.

Tip 4: Formally ask for the landlord’s consent to the proposed assignment

The tenant should formally seek the landlord’s consent to the proposed assignment. The request should be made in the way the lease requires, which is usually in writing, addressed to the landlord or the landlord’s property manager. 

To ensure a streamlined process, this formal request for consent to assignment should attach:

• the completed landlord’s assignment application form mentioned in Tip 2 (if applicable)
• the information about the assignee and references mentioned in Tip 1 and Tip 2
• if the lease is a retail shop lease under the Retail Shop Leases Act 1994 (Qld), copies of the disclosure statements mentioned in Tip 3
• any other information the lease requires for a proposed assignment.

Tip 5: Allow time for the landlord to consider the application 

Tenants often enter into business sale agreements with a proposed assignee that do not factor in sufficient time for seeking and obtaining the landlord’s consent to the assignment. 

Leases often include clauses that say the landlord must be allowed a certain number of days to consider an assignment application, once the tenant and assignee have provided all information required to process the application. Tenants should factor this timeframe into any business sale contract with the assignee.

If the lease is a retail shop lease under the Retail Shop Leases Act 1994 (Qld), and if the landlord has not decided the application for consent to assignment within one month after the application was made and full particulars of the proposed assignment were given to the landlord, a retail tenancy dispute exists under the Retail Shop Leases Act 1994 (Qld). In those circumstances, either party may apply to the Queensland Civil and Administration Tribunal for resolution of the dispute.

Tip 6: If a retail shop lease, allow sufficient time for further disclosure under the Retail Shop Leases Act 1994 (Qld)

If the landlord decides that it will consent to the assignment, and the lease is a retail shop lease under the Retail Shop Leases Act 1994 (Qld), there are additional disclosure obligations to comply with before the assignment of lease is entered into. Namely:

• at least seven days before the assignment is entered into, the landlord must give the assignee a disclosure statement and a copy of the lease; [iv] and
• the assignee must give a disclosure statement to the landlord [v]

Tip 7: The assignee should arrange the lease security and insurances early

Once the landlord has confirmed it will consent to the assignment (which is often subject to certain conditions), the landlord or its lawyers will then usually prepare a draft deed of consent to assignment of the lease. 

The draft deed will set out the conditions precedent to the landlord’s consent. The conditions precedent often include:

• the assignee providing its security for performance required under the lease, such as a bank guarantee or security deposit If a bank guarantee is required under the lease, assignees should approach their bank early. Experienced landlords often have information sheets about what the bank guarantee needs to include. Assignees should obtain that information and provide it to the assignee’s bank. A handy tip is to ask the bank for a draft of the bank guarantee first, and provide the draft to the landlord for approval Obtaining a bank guarantee can take days or weeks, depending on the assignee’s financial position and its arrangements with its bank. Assignees should factor their bank’s timeframes into the assignment process
• the assignee providing insurance certificates of currency. Assignees should check the lease insurance requirements carefully. Experienced landlords often have information sheets about what the insurance certificates need to cover. Assignees should obtain that information, and provide it to their insurer. This will assist in getting the correct insurances and obtaining certificates of currency that comply with the lease requirements.

Failure by the tenant and assignee to satisfy each of the conditions precedent in the deed of consent to assignment could mean that the landlord’s consent to the assignment has not been obtained. This could hold up settlement of the sale of the business by the tenant to the assignee, or cause the business sale to fall over.

Avoid some of the headaches associated with lease assignments by following the above tips!

Author: Katie Miller

[i] Section 22B(1) Retail Shop Leases Act 1994 (Qld)

[ii] Section 22B(2) Retail Shop Leases Act 1994 (Qld)

[iii] Section 22B(3) Retail Shop Leases Act 1994 (Qld)

[iv] Section 22C(1) Retail Shop Leases Act 1994 (Qld)

[v] Section 22C(3) Retail Shop Leases Act 1994 (Qld)

Katie Miller, Partner T:  +61 7 3135 0606 E:   [email protected]

Richard Skopal T:  +61 3 9321 9866 E: [email protected]

Lindsay McGregor T:  +61 2 8083 0459 E: [email protected]

The information in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this newsletter is accurate at the date it is received or that it will continue to be accurate in the future.

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Lease assignments - not only a deed does the deed

Lease assignments should be documented by deed. However, assignments can also take place in equity and by estoppel. We explore a recent case dealing with arguments by a tenant that an assignment had taken place by either of these two methods.

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Deed of assignment of lease

Practical law uk standard document 0-201-6259  (approx. 37 pages).

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Differences between Deed of Lease and Deed of Assignment

Having an understanding of property documentation is essential for anyone who wants to be or is already a real estate investor. The Deed of Assignment and the Deed of Lease (also known as the Deed of Sub-Lease) are two important documents that Real Estate investors will encounter while purchasing land. So, what are they, and can they be used interchangeably?

While the Deed of Assignment is the more commonly used of the two documents in land transactions, a Deed of Lease can also be used depending on the nature of the seller’s title or interest or the scheme purchased from.

A Deed of Assignment transfers to you ALL OF THE SELLER’S RIGHTS TO THE LAND OR HOUSE. The buyer acquires FULL OWNERSHIP, subject solely to the provisions of the Land Use Act. A Deed of Lease [Sub-Lease], on the other hand, is a type of LONG RENT OR LEASE because the title finally reverts to the Seller [the Lessor].

From the enactment of the Land Use Act in 1978 through the middle 1980s, the use of Deed of Lease was highly common to transfer property, particularly government property, in the Ikoyi, Surulere, and Victoria Island axis. These properties were largely federal government lands and high-profile lands, and it was the first step into issuing certificates of occupancy to civilians for the first time.

The government was determined to inform the public that the Land Use Act was in effect and that all lands would be leased to the people from then on, with the government acting as the landlord. However, as time passed, due to the complexities of our property law system, which cannot ignore the issue of communal or family owned land, these deeds of lease ran into numerous issues because these lands did not regulate their documents to obtain a certificate of occupancy, but the land had to be transferred somehow, either to a family member after death, through a gift to another, or through an immediate sale to a person.

It gradually changed from a deed of lease to a deed of Assignment because an Assignment means “to transfer,” and it was from that deed of Assignment that all the important information needed to trace the history of the land could be derived, which is a very important document under the law to trace how the property transferred from Mr. A to Mr. B. It was widely accepted by the local communal institutions and families who lacked the expertise or intelligence to figure out the Land Use Act. Since then, the deed of assignment has been a very common and legal method of transferring property from A to B.

If you see a deed of lease today in relation to buying a property, it should be the old colonial properties from the 1950s to the 1980s, as they are no longer popular in property transfers nowadays.

Another way to look at it now is if you buy land, a house, or property directly from the government, and the government issues you a certificate of occupancy, the Deed of Lease will be in perfect order.

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Assignment of lease

ADIS Code -  LASS

An assignment of lease, including a sub-lease, is a transfer of the lease by the lessee, ie the assignor, to a new lessee, ie the assignee. The lessor is usually not a party to the assignment.

The affected lease or sub-lease is not required. For an assignment of a lease affecting Kosciuszko National Park .

Lodgment requirements

Stamp duty -  Required. If not marked Registration insisted upon , is prohibited.

Any alteration to the term or rent must be marked.

Registration copy - Required. If unacceptable, Registration insisted upon  is prohibited.

Statement of Title Particulars form  - Not required.

NOS form  - Not required.

Index Particulars form (completion)

(A) Lodging Party - Must be completed.

(B) Instrument - Lease - Assignment of

(C) Locality -  Not required.

Link Conveyance - Not required.

Principal Deed - The registered affected lease or sub-lease.

(D) Indexing -  The assignor and the assignee, and the sub-lessor for an assignment of a sub-lease.

(E) Certification -  Required.

Document requirements 

Date: must be dated with the date of execution. If not dated advise the lodging party. If a date is not furnished, indicate Registration insisted upon  and include the reason.

Name: the full names (initials are acceptable) of the assignor and the assignee are required. Advise the lodging party of any discrepancies in names.

Operative clause: "... hereby assigns...".

Principal Deed: the number of the affected lease or sub-lease as stated in the assignment must be identical to the number stated on the IPF. If affecting a sub-lease, the head lease number is also required.

Execution: by the assignor. A power of attorney must be registered, The assignee does not have to sign.

Attestation: required. Must be witnessed by a person of 18 years of age or older who is not a party to the document.

IPF: must be completed.

Staff processing information

A Deeds search may be made for the head lease number.

CA Not required

Locality: nil.

Link Conveyance: nil.

Principal Deed: required. The registered number of the lease or sub-lease being assigned, and the registered number of the head lease for an assignment of a sub-lease.

Noting: "Affecting [description of the land]".

If the assignment affects:

• an interest, state: "interest in" (or Noting Code: "I"
• a share, state: "[fraction] share"
• part of the land, state: "[affected land description]"
• the land description relies on an attached plan, state: "see attached plan" (or Noting Code: "PL").

V: the assignor, and the sub-lessor for an assignment of a sub-lease, deceased estates or trusts, and any variations thereof.

P: the assignee, deceased estates or trusts, and any variations thereof.

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Assignment Of A Lease: Everything You Need To Know! 📃

Sep 04, 2023 | Shakeel Mir

There are are plenty of reasons why you might want to exit your commercial lease early. Perhaps your current premises are no longer suitable for the needs of your growing business, or maybe your business is in financial difficulty and you need to find a lease with more favourable terms.

There are also plenty of options when it comes to deciding how to exit a lease before the specified end date. Some of the most common include: assignment of a lease, which involves passing the lease onto another business; terminating the lease, with the help of a break clause if your contract contains one; or subletting your premises and adopting the role of landlord yourself.

Unfortunately, exiting a lease early is not always a simple process. A lease is a legal contract, and if you break it your landlord could take you to court. Opting to pursue a process such as assigning the lease to a new tenant can make exiting a lease early possible, but there are many factors that should be considered before beginning this process.

If you are thinking of trying to leave your lease early, it is advisable to obtain independent legal advice from an appropriately experienced commercial property solicitor before taking any action.

If you require legal advice or assistance on getting out of a commercial lease please call us on 0800 086 2929 , email [email protected] or complete our Free Online Enquiry Form .

In addition to office meetings, we also offer remote meetings via telephone and video conferencing software so can assist you wherever you are based.

What is assignment of a lease?

The process of assignment of a lease is essentially selling the lease to a third party (the “assignee”).

If you are a commercial property tenant, your contract likely contains a clause that allows you to assign your lease to a new tenant. To do this, you will need to find a potential new tenant yourself. Your landlord will expect this new tenant to meet the same expectations they originally set for you, and you will probably need their consent before the assignment can be completed.

While your landlord cannot reasonably withhold their consent for the assignment, they are under no obligation to give their consent if the new tenant doesn’t meet the terms set out in your contract – so it’s wise to be picky yourself about the tenant you select.

There are likely to be restrictions around when and if you can assign your lease specified in your contract. Some common restrictions include not allowing lease assignments if the contract is for a short period, and not allowing the lease to be assigned if the lease is ending within a few years.

Once a lease as been assigned, the assignee will become the new tenant and will be responsible for ensuring compliance with all of the tenant’s obligations in the lease.

What checks will a landlord make before permitting assignment of a lease?

Financial status

Your landlord will want to see evidence – usually in the form of business bank account statements – that the new tenant is in a strong financial position

Statements from previous landlords that the tenant has leased property from will be required to show that the tenant is reliable and doesn’t have a history of missing payments or otherwise neglecting their responsibilities as a tenant

Proposed use of the premises

Your landlord will probably be looking for a new tenant to intend to use the premises in broadly the same way as you have done in the past as the lease will specify what use is allowed.

Likelihood of requesting alterations to the building

As above, your landlord will require advanced notice of any alterations the new tenant may wish to make to the premises, and in some cases written permission in the form of a Licence to Alter will be required. It is likely that they may withhold their consent for assigning the lease to any tenant intending to make large-scale changes depending upon the type of premises involved.

What liabilities will you have when assigning a lease?

It is important to recognise that the assignment of a lease to a new tenant does not automatically exempt you from all liabilities related to that tenancy going forwards. In fact, once the lease assignment is complete you can still be liable should the new tenant miss any payments or otherwise break the terms of their contract.

Exactly what you will be liable for depends on when your lease began. If your lease began before January 1996 you will remain liable for all payments by any subsequent tenants – even if the lease is assigned several more times after you. This is called “privity of contract”.

For leases that began after January 1996, you will be required to sign an Authorised Guarantee Agreement . This means you guarantee payments for the next tenant, but not any further tenants.

Landlords can only claim payments of rent within six months of the money being due, and only after full notice has already been served to the former tenant.

What does lease assignment cost?

On the other hand, if the rent under the new lease is below the market rate, the new tenant may instead want to pay you a premium. If this is the case, you’ll need to make a decision on whether to charge VAT – or “opt to tax” – something that’s worth getting professional advice on.

A final charge to be considered is the cost of this advice. It is highly recommended to involve your solicitor when opting to pursue a lease assignment so as not to inadvertently break the terms of your contract and leave yourself open to court action. You should therefore also factor solicitors’ fees into your calculations when considering the cost of exiting your lease.

How to get out of a commercial lease – what are the alternatives?

Assignment of a lease is not the only way to get out of a commercial lease and depending on your circumstances and the contract you have with your current landlord, it may not always be the best option.

Some alternative ways to get out of a commercial lease early include:

Using a break clause

Some lease contracts include a “break clause” which offers both parties the opportunity to end the lease early in certain circumstances. Read your contract carefully to check if it contains a clause like this, and if it does, what terms and conditions are involved. Any time limits specified in the lease for giving of notice must be strictly followed.

Negotiating a lease exit

If your contract does not include a break clause, your landlord may still be open to you exiting the lease early. You would need to negotiate the specific terms of your exit and your landlord may require a pay-out to offset the inconvenience of having to market the property again.

Compared to lease assignment, negotiating an exit from your lease should provide a clean break with no further liabilities, but we would recommend seeking legal advice to confirm that you were exiting the contract cleanly.

Subletting the premises

A final option to consider when looking at how to get out of your commercial lease early is subletting. If your contract allows it, you can take on the role of landlord by finding and leasing your property to a new tenant.

You can use the rent payments from your new tenant to cover your own obligations, but in return you’ll be expected to take a hands-on role managing the property and dealing with the sub-tenant directly.

Need assistance with assignment of lease?

Exiting a lease early can be a complex process, whether you choose to do so by arranging the assignment of your lease or by one of the other means mentioned above.

Lease assignment is an effective way for tenants to get out of a commercial lease early. However, this can be a slow process and you will incur costs.

Contacting a solicitor at an early juncture is advisable so that you are appropriately advised at the outset of any key considerations and potential pitfalls. For example, even though you are selling the lease, you could potentially remain liable afterwards; this will depend on the age of the lease and whether you have entered into an authorised agreement or not.

Shakeel Mir is the Head of our Commercial Property department and has many years of experience in dealing with lease assignment.  He is based in our Amersham office but assists and advises clients all over the country.  In addition to office meetings, Shakeel offers remote meetings via telephone or video conferencing software so can assist you wherever you are based.

Make a Free Enquiry

If you are considering how to get out of a commercial lease or have any queries relating to any of the issues discussed in this article, please get in touch with Shakeel by calling 0800 086 2929 , emailing [email protected] or completing our Free Online Enquiry Form .

The content of this article is for general information only. The information in this article is not legal or professional advice. If you require legal or professional advice you should obtain independent expert advice from qualified commercial property solicitors such as those within our firm .

Call us 24/7 on 0800 086 2929 , email  [email protected] , or complete our Free Online Enquiry Form to arrange a free, no-obligation discussion and let us explain your legal rights and options.

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How do I assign my lease?

The process of assignment of a lease is essentially selling the lease to a third party (the “assignee”). If you are a commercial property tenant, your contract likely contains a clause that allows you to assign your lease to a new tenant. To do this, you will need to find a potential new tenant yourself.

Who drafts an assignment of lease?

In legal jargon, the old tenant who wants to get out of the lease is called the Assignor and the new person who wants to get the remainder of the lease is called an Assignee. The landlord remains the same. What happens next? 1.

What is assignment of lease deed?

An assignment of a lease is a complete transfer of the right to be the tenant under the lease. The third-party assignee becomes the “tenant” under the lease, taking over all of the leased premises, substituting for the old tenant.

Can you assign a lease without landlord permission?

Can the Landlord refuse consent? If the lease is silent on assignments, the tenant is free to assign without the landlord’s consent.

Can property lease be transferred?

In most cases the lease is transferrable with the consent of the landlord. However, some leases contain an absolute bar on assignment or underletting so it is important to review the relevant provisions within the lease, which will also detail the requirements of the landlord on any assignment or underletting.

Can you transfer a lease agreement?

The first step to transfer a lease is to reach out to your landlord for permission. Some landlords include their policy on assigning the original Tenancy Agreement. Even if the original lease prohibits the assignment of a lease, you can transfer the lease after obtaining the landlord’s written permission.

How much is an assignment fee?

An assignment fee can either be determined as a percentage of the purchase price or as a set amount determined by the wholesaler. A standard fee is around $5,000 per contract. The profit potential is not the only positive associated with an assignment of contract.

What is the difference between assignment and transfer of lease?

The difference between assignment and transfer is that assign means it’s legal to transfer property or a legal right from one person to another, while transfer means it’s legal to arrange for something to be controlled by or officially belong to another person.

Is a notice of transfer the same as a notice of assignment?

Without a Notice of Assignment, a transfer is merely equitable and not legally binding. Until Notice of Assignment is submitted, the previous lessee remains responsible for ensuring that the terms of the lease are complied with.

Who prepares deed of assignment?

The deed of assignment is an essential land document required to bind legality of transaction between two parties. Extensively, it transfers the ownership of land or property from a seller (an assignor) to a new buyer (the Assignee). A Deed of Assignment can only be prepared by a lawyer in Nigeria.

How do you transfer a leasehold property?

This is a written permission from the concerned authority to you, the owner of the leasehold property, to transfer your ownership rights to the buyer. The application form can be obtained from the office of that authority or from its official website (if available).

What is the difference between deed of assignment and deed of lease?

A Deed of Assignment gives you ALL THAT THE SELLER HAS on the land or house. The buyer becomes the FULL OWNER, subject only to the provisions of the Land Use Act. However, a Deed of Lease [Sub-Lease] is some form of LONG RENT OR LEASE, as the title eventually reverts to the Seller [the Lessor].

Is Underletting the same as assigning?

In the absence of any provision in the lease to the contrary, a tenant has the right to assign its interest in the lease and to create underleases. It is, however, a rare lease which does not restrict the tenant’s freedom in this respect.

How do I assign a property?

An assignment of contract occurs on a property that is currently under contract, and has not yet been purchased. First, the assignor finds a property, and enters into a sales agreement with the buyer to purchase the property. The home’s price, closing date, seller, and buyer are listed in this contract.

Can you assign a residential lease?

This means that under most agreements for an individual tenant to lease a property from a landlord it is perfectly legal for the tenant to assign the lease to another individual. The original tenant will the vacate the premises with the leasehold agreement being taken over by the individual whom it was assigned to.

What is a notice of transfer?

When a lease is sold or passed to someone else it’s known as an assignment to the new owner or owners. The lease says that the council must be told about this.

What is transfer of leasehold rights?

When a lease is executed, the transfer that takes place is a transfer of limited right to use the property during the period of the lease. The lessee has the right to use the property. The ownership of the property continues to remain with the landlord.

Who sends a notice of transfer?

Notice of assignment (transfer) The notice should be issued by the seller’s solicitor within one month.

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Stavropol (Q5206)

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Stavropol Krai, Russia

The capital city of Stavropol krai: Stavropol .

Stavropol Krai - Overview

Stavropol Krai is a federal subject of Russia located in the central part of Ciscaucasia and on the northern slope of the Greater Caucasus in the North-Caucasian Federal District. Stavropol is the capital city of the region.

The population of Stavropol Krai is about 2,780,200 (2022), the area - 66,160 sq. km.

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Stavropol krai coat of arms.

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Stavropol krai latest news and posts from our blog:.

12 January, 2020 / Wooden Church of the Nativity of Mary in Rozhdestvenskaya .

2 December, 2019 / Tsvetnik - the Oldest Park in Pyatigorsk .

16 June, 2019 / Abandoned Uranium Mine in the Stavropol Region .

6 May, 2019 / Cathedral of the Kazan Icon of the Mother of God in Stavropol .

30 September, 2011 / Beautiful nature of Stavropol krai .

More posts..

News, notes and thoughts:

11 January, 2021   / The Kochubeevskaya wind farm with an installed capacity of 210 MW, the largest in Russia, has been commissioned in Stavropol Krai. With a total area of about 200 hectares, it includes 84 wind turbines, each 150 meters high, the length of the blades - 50 meters.

History of Stavropol Krai

The most ancient archaeological finds date back to the 4th millennium BC. The territory of the present Stavropol region was successively part of the state of the Scythians (the 7th - 5th centuries BC), Sarmatians (the 3rd century BC - the 3rd century AD), Huns (the 4th - 5th centuries AD).

Later, from 620 to 969, this territory was part of the ancient state called the Khazar Khaganate. Approximately in the 8th century, with the weakening of the Khazar Kaganate, the medieval state of the Alans appeared here. In 1238-1239, a significant part of the plain Alania was captured by the Mongols, and this state as a political entity ceased to exist.

In 1556, the Russian troops took Astrakhan and opened the way to the North Caucasus and the Caspian Sea. In Ciscaucasia, the interests of Russia, the Ottoman Empire, the Crimean Khanate, and Iran collided.

In 1777, according to the decree of Catherine II, the Azov-Mozdok defensive line was founded, which gave rise to colonization of the Ciscaucasia and the North Caucasus. The territory of the Stavropol region became part of Astrakhan oblast. In November 1777, the fortress called Stavropolskaya was founded. In 1782, about 500 retired soldiers lived there.

More historical facts…

In 1785, in connection with the development of Ciscaucasia, the Caucasian guberniya (province) was created that included the Caucasian and Astrakhan regions. Since that time, Stavropol officially became one of the six county-level towns of the Caucasus region.

With the development of the Ciscaucasia, Stavropol was gaining an increasing importance as an important trade and transit center. It became a kind of the main gate of the Caucasus. In 1822, the Caucasian province was transformed into an oblast and Stavropol became its center. After the defeat of the Decembrist uprising, a lot of its participants were sent here. In 1837 - 1841, Mikhail Lermontov, exiled to the Caucasus, visited Stavropol several times.

In 1847, the Caucasian oblast was reformed into Stavropol gubernia. With the formation of the Kuban and Terek Cossack regions and the end of the Caucasian War, the military-political and economic importance of Stavropol significantly reduced.

In 1919, the Stavropol province was occupied by the Bolsheviks and included in the territory of the North Caucasian Soviet Republic. As a result of the Second Kuban campaign the region went under the control of the Volunteer Army.

In October 1924, the North Caucasian region was formed and Stavropol gubernia was reformed into a district within the region. On January 10, 1934, the North Caucasian Krai was divided into the Azovo-Chernomorsky and North Caucasian. The town of Pyatigorsk became the center of North Caucasian Krai. In March 1936, North Caucasian Krai was reformed and, on its territory, Ordzhonikidze Krai with the center in Ordzhonikidze (Stavropol) was formed.

During the Second World War, from August 1942 to January 1943, the region was occupied by the German troops. In 1943, Ordzhonikidze Krai was renamed Stavropol Krai. In December 1956, the first part of the Stavropol-Moscow gas pipeline with a length of 1,300 km was commissioned (at that time, it was the longest gas pipeline in Europe).

During the 1970s-1980s, 56 new enterprises were opened in the region, among them the Prikumsky Plastics Plant - the largest chemical plant in the region, four power units at the Stavropol power station, and new capacities at the Nevinnomyssk enterprise “Azot”.

On July 3, 1991, Karachay-Cherkess Autonomous Region withdrew from Stavropol Krai and became the Karachay-Cherkess Soviet Socialist Republic. On April 21, 1992, it became the Republic of Karachay-Cherkessia of the Russian Federation.

Steppe landscapes of Stavropol Krai

Stavropol Krai landscape

Author: Valeriy Kharchenko

In the fields of the Stavropol region

Author: Dvornikov Mikhail

Stavropol Krai nature

Author: Zhukova Elena

Stavropol Krai - Features

Stavropol Krai stretches for 285 km from north to south and 370 km from west to east. The climate is temperate continental. The average temperature in January is minus 5 degrees Celsius (in mountains - down to -10), in July - plus 22-25 degrees Celsius (in mountains - +14).

The main natural resources are natural gas, oil, polymetals containing uranium, building materials. Mineral medicinal waters are a special riches of the region.

The Caucasian Mineral Waters is Russia’s largest resort region, which has no analogues in the whole of Eurasia for the richness and diversity of mineral waters and therapeutic mud. The healing properties of “narzan”, one of the popular local mineral waters, are known throughout Russia. The name can be translated into Russian as “Hercules’ beverage”, “Water of Hercules”.

The largest cities and towns are Stavropol (458,200), Pyatigorsk (145,500), Kislovodsk (127,300), Nevinnomyssk (114,400), Yessentuki (117,200), Mikhailovsk (94,500), Mineralnye Vody (72,400), Georgievsk (64,400), Budennovsk (59,600).

Stavropol Krai - Economy

The main industries of Stavropol Krai are engineering, production and processing of oil and natural gas, electric power industry, food (winemaking, butter, sugar), chemical (mineral fertilizers in Nevinnomyssk), building materials (glass in Mineralnye Vody), light (wool in Nevinnomyssk, leather in Budennovsk).

Agriculture specializes in growing grain and sunflower, the leading role in livestock breeding belongs to cattle breeding, fine-wool sheep breeding. Horticulture, viticulture, poultry farming, pig breeding, beekeeping are widespread. Agriculture is one of the most important sectors of the local economy, which employs more than 156 thousand people.

The main highway M29 “Caucasus” passes through Nevinnomyssk, Mineralnye Vody and Pyatigorsk. There are international airports in Stavropol (Shpakovskoye) and Mineralnye Vody. This region has a very dense and extensive network of pipelines.

Attractions of Stavropol Krai

A large number of various interesting places are concentrated on the territory of the Stavropol region. Here are just a few of the most famous sights:

• Proval - a lake and a natural cave on the southern slope of Mount Mashuk in Pyatigorsk. The cave is a cone-shaped funnel with a height of 41 m, at the bottom of which there is a karst lake of mineral water of pure blue color;
• Monument to Lermontov in Pyatigorsk at the place where the poet was fatally wounded during the duel;
• Lake Tambukan (Black Lake), located near Pyatigorsk, is known for its unique healing mud;
• Therapeutic park, mineral springs, Balneary mud baths named after Semashko in the resort city of Yessentuki;
• Resort park in Kislovodsk is very popular with tourists. The territory of the park is huge. Here you can find a drinking gallery, ponds, grottoes, and the famous valley of roses. Plants growing in the park make the air unusually clean and healthy;
• Koltso (Ring) Mount near Kislovodsk. Under the influence of natural factors, a ring with a diameter of 8 meters was formed in the center of the rock;
• Pushkin Gallery (1901), the Emir of Bukhara Palace, the Cave of Permafrost, Zheleznaya Mount in the resort town of Zheleznovodsk.

Stavropol krai of Russia photos

Stavropol Krai scenery

Paved road in Stavropol Krai

Author: A.Kostin

Winter in Stavropol Krai

Author: Kabatov V.

Small river in the Stavropol region

Author: Alex Stanin

Pictures of Stavropol Krai

Beautiful nature of Stavropol Krai

Author: Sergey Shevchenko

Author: V.Buturlia

Cathedral in Stavropol Krai

Author: Bulgakov Pyotr

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