deed of assignment of rent deposit

Assignment of Rents – What, Why, and How?

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Madelaine prescott, esq., share this post:.

• November 29, 2023

These days, almost all commercial loans include an Assignment of Rents as part of the Deed of Trust or Mortgage. But what is an Assignment of Rents, why is this such an important tool, and how are they enforced?

An Assignment of Rents (“AOR”) is used to grant the lender on a transaction a security interest in existing and future leases, rents, issues, or profits generated by the secured property, including cash proceeds, in the event a borrower defaults on their loan. The lender can use the AOR to step in and directly collect rental payments made by the tenant. For an AOR to be effective, the lender’s interest must be perfected, which has a few fairly simple requirements. The AOR must be in writing, executed by the borrower, and recorded with the county where the property is located. Including an AOR in the recorded Deed of Trust or Mortgage is the easiest and most common way to ensure the AOR meets these requirements should it ever need to be utilized.

When a borrower defaults, lenders can take advantage of AORs as an alternative to foreclosure to recoup their investment. With a shorter timeline and significantly lower costs, it is certainly an attractive option for lenders looking to get defaulted borrowers back on track with payments, without the potential of having to take back a property and attempting to either manage it or sell it in hopes of getting your money back out of the property. AORs can be a quick and easy way for the lender to get profits generated by the property with the goal of bringing the borrower out of default. But lenders should carefully monitor how much is owed versus how much has been collected. If the AOR generates enough funds so that the borrower is no longer in default, the lender must stop collecting rents generated by the property.

Enforcement of an AOR can also incentivize borrowers to work with the lender to formulate a plan, as many borrowers rely on rental income to cover expenses related to the property or their businesses. Borrowers are generally more willing to come to the table and negotiate a mutual, amicable resolution with the lender in order to protect their own investment. A word of warning to lenders though: since rental income is frequently used to pay expenses on the property, such as the property manager, maintenance, taxes, and other expenses, the lender needs to ensure they do not unintentionally hurt the value of the property by letting these important expenses fall behind. This may hurt the lender’s investment as well, as the property value could suffer, liens could be placed on the property, or the property may fall into disrepair if not properly maintained. It is also important for lenders to be aware of the statutes surrounding the payment of these expenses when an AOR is being used, as some state’s statutes require the lender to pay certain property expenses out of the collected rents if requested by the borrower.

In addition to being shorter and cheaper than foreclosure, AORs can be much easier to enforce. In California, the enforcement of an AOR is governed by California Civil Code §2938. This statute specifies enforcement methods lenders can use and restrictions on use of these funds by the lender, among other things. Under CA Civil Code §2938(c), there are 4 ways to enforce an AOR:

• The appointment of a receiver;
• Obtaining possession of the rents, issues, profits;
• Delivery to tenant of a written demand for turnover of rents, issues, and profits in the correct form; or
• Delivery to assignor of a written demand for the rents, issues, or profits.

One or more of these methods can be used to enforce an AOR. First, a receiver can be appointed by the court, and granted specific powers related to the AOR such as managing the property and collecting rents. They can have additional powers though; it just depends on what the court orders. This is not the simplest or easiest option as it requires court involvement, but this is used to enforce an AOR, especially when borrowers or tenants are uncooperative. Next is obtaining possession of the rents, issues, profits, which is exactly as it seems; lenders can simply obtain actual possession of these and apply the funds to the loan under their AOR.

The third and fourth options each require delivery of a written demand to certain parties, directing them to pay rent to the lender instead of to the landlord. Once the demand is made, the tenant pays their rent directly to the lender, who then applies the funds to the defaulted loan. These are both great pre-litigation options, with advantages over the first two enforcement methods since actual possession can be difficult to obtain and courts move slowly with high costs to litigate. The written demands require a specific form to follow called the “Demand To Pay Rent to Party Other Than Landlord”, as found at CA Civil Code §2938(k). There are other notice requirements to be followed here, so it is essential to consult with an experienced attorney if you are considering either of these options. California Civil Code §2938 specifically provides that none of the four enforcement methods violate California’s One Action Rule nor the Anti-Deficiency Rule, so lenders can confidently enforce their AORs using the above methods with peace of mind that they are not violating other California laws.

Whether you are looking to originate a new loan, or you are facing a default by your borrower, understanding what an Assignment of Rents is and how it operates can be extremely beneficial. Enforcing an AOR can be an easier option than foreclosure and can help promote a good relationship with your borrower when handled correctly. If you have any questions about AORs, or need further details on how to enforce them, Geraci is here to help.

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Home » News & publications » Latest news » Why commercial rent deposits are not quite so simple

Why commercial rent deposits are not quite so simple

Posted: 28/08/2019

In today’s insecure commercial lettings market, it is becoming increasingly common for landlords to take a significant rent deposit when granting a new lease and to enforce their rights under the rent deposit deed. This is putting the drafting and enforcement of rent deposit deeds under scrutiny. How do the parties to a rent deposit deed protect their positions when the landlord assigns the reversion to the lease? In this article, we assume that the rent deposit account is in the landlord’s name and that the tenant’s interest in the account - and the monies in it - are charged to the landlord.

What happens when:

• The landlord transfers or assigns its interest?
• The landlord grants an intermediate lease?

Transfer or assignment: new tenancies

A rent deposit deed that relates to a “new” tenancy is a “collateral agreement” to the tenancy, as defined in section 28(1) of the Landlord and Tenant (Covenants) Act 1995 (the 1995 Act). Covenants contained in collateral agreements are “covenants” for the purposes of the 1995 Act.

Section 3(3) of the 1995 Act says that, where a landlord transfers or assigns its interest, the transferee or assignee will become bound by the landlord’s covenants whether they are covenants contained in the tenancy or in the rent deposit deed (except where they are stipulated to be personal) and will become entitled to the benefit of the tenant’s covenants. This is a statutory exception to the established principle that the burden of a contract cannot be assigned. In these circumstances, the covenants contained in the rent deposit deed are enforceable by and against the new landlord.

Transferring the charge

The charge on the rent deposit account does not fall within the definition of a “covenant” under the 1995 Act. A charge is not a “term, condition or obligation”; it is an encumbrance on the asset that is subject to the charge and gives the landlord the right to appropriate the charged property.

The fact that the benefit and burden of the rent deposit deed covenants have transferred to the landlord’s successor by virtue of the 1995 Act does not mean that the benefit of the charge has also been transferred. If the parties do not take further action, the beneficiary of the charge may be the old landlord even though he is no longer able to enforce the covenants under the deed.

Defining the “landlord”

If the deed is personal to the named landlord, a new rent deposit deed containing a new charge is required. A new charge will create a chargee/chargor relationship between the new landlord and the tenant. Without a new charge, although the new landlord can enforce the tenant’s covenants in the deed, it will be an unsecured creditor with no priority in a tenant insolvency.

The central purpose of a rent deposit deed is to protect the landlord in the case of tenant insolvency. In a worst-case scenario, a new landlord may find that the deposit is entirely swallowed up by the creditors ranking above it, resulting in the total loss of its security.

It is common for rent deposit deeds to define the “landlord” to include successors in title, so that the tenant’s charge of its interest in the deposit account is to the current and all future landlords. The benefit of the charge will automatically transfer when the landlord transfers or assigns its interest.

Release under the 1995 Act

Under section 6 of the 1995 Act, the outgoing landlord will remain liable for the landlord’s covenants in the rent deposit deed until it obtains a release from the tenant.

The landlord is released if it serves notice on the tenant telling the tenant of the proposed assignment and requesting that it is released from the landlord’s covenants and:

• the tenant does not serve a written notice objecting to the release within four weeks of service of the landlord’s notice;
• the tenant serves such a notice but the court makes a declaration that it is reasonable for the covenants to be released; or
• the tenant serves written notice consenting to the release (and withdrawing any prior notice objecting to it, if applicable).

If this procedure is not followed, a landlord remains liable for the performance of the landlord covenants. However, owing to complications arising if some (but not all) tenants release the landlord, it may not be appropriate in every case to seek such a release.

If a rent deposit deed to a “new” tenancy incorporates the landlord’s successors in title, no action needs to be taken. Where appropriate, a landlord should consider following the procedure in section 8 of the 1995 Act to release its liability to the tenant.

If the deed does not incorporate successors in title, a new rent deposit deed will need to be entered into between the tenant and the landlord’s successor. The covenants will be extinguished and the successor will offer new covenants.

Transfer or assignment: old tenancies

One of two different sets of rules will govern:

Sections 141 and 142 of the Law of Property Act 1925

If the lease and/or the rent deposit deed define covenants given in the rent deposit deed as lease covenants, then sections 141 and 142 of the Law of Property Act 1925 (the 1925 Act) apply. As lease covenants they are enforceable by and against the landlord’s successor in title automatically. To pass on the benefit of the charge automatically, the charge must be drafted to refer to successors in title.

Common law rules

If the covenants in the rent deposit deed are not lease covenants, the common law rules for the assignment of contractual obligations and privity of contract apply.

The benefit of a contract may be assigned. The assignment must be absolute, in writing and signed by the assignor, and notice of the assignment must be given to the tenant.

The burdens of a contract may not be assigned. When the rent deposit deed relates to an “old” tenancy, the parties must create privity of contract between the new landlord and the tenant. Two methods are available:

• Assignment from old landlord to new landlord and deed of covenant from new landlord to tenant: The assignment can be completed within the suite of sale documents, and the deed of covenant can be entered into unilaterally by the new landlord on completion. If the deed does not incorporate successors within the definition of the “landlord”, the benefit of the charge will not transfer.
• Novation of the rent deposit deed: The new landlord and the tenant enter into a new rent deposit deed on identical terms to the previous deed. This could be dealt with as a condition subsequent, so as not to interfere with time pressures or confidentiality obligations relating to a sale. Consideration should be given as to whether the tenant may not comply or may delay and to which party should bear the tenant’s costs. A prudent landlord should ensure that the tenant is in a financial position to give the new charge before completing the new deed.

Grant of an intermediate lease

The 1995 Act does not apply where the landlord grants an intermediate lease of the property. The granting of a new lease is not an “assignment” and the intermediate tenant is not treated as stepping into the landlord’s shoes.

The grant of an intermediate lease may qualify as a disposition of the reversionary estate immediately expectant on the determination of the term of the lease to which the rent deposit deed relates. The provisions of sections 141 and 142 of the 1925 Act may apply as above and, if they do not, the common law rules apply.

Registration

Charges created by companies on or before 5 April 2013 had to be registered at Companies House within 21 days of the date of execution or they are void. If the charge created by a rent deposit deed is not registered, a tenant’s insolvency practitioner will assert that the charge is void and the landlord is an unsecured creditor.

The landlord has two options:

• Argue that the charge did not require registration at Companies House.
• Enter into a new rent deposit deed with the tenant.

Charges created on or after 6 April 2013 are not required to be registered at Companies House.

In summary, rent deposit deeds should be given appropriate consideration both during the drafting process and during due diligence relating to the disposition of the landlord’s interest.

This article was first published in Estates Gazette in June 2019.

Giorgia Mayes

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• 19 December 2022
• Commercial Real Estate

Commercial Rent Deposits – A brief overview

What is a rent deposit.

A rent deposit is money provided by a tenant to its landlord as security for payment of the rent and performance of the tenant’s covenants contained in the lease. A rent deposit deed will specify the circumstances in which the landlord can draw on this money and the conditions that must be satisfied for the deposit to be repaid to the tenant.

Landlords like rent deposits because they are easily accessible sources of money that can be drawn upon as soon as the tenant is in breach of a relevant covenant in the lease. Court action is not required to recover the debt or enforce performance of the obligation. Tenants are not generally too keen on rent deposits as they lock up capital, often for a lengthy period.

When will a rent deposit be taken?

A rent deposit will be put in place on the grant of a lease or on assignment of an existing lease. If the landlord does require a rent deposit it will usually be for one of the following reasons;-

• The tenant’s covenant is weak and therefore unsatisfactory to the landlord without some additional comfort
• The tenant may be an overseas company with few, if any, UK assets
• The tenant is a new business and so is unable to provide evidence of its past good behaviour as a tenant.

As many tenants will not want to lock up the capital required to fund it, the possible alternatives include;-

• A bank guarantee or bond
• A parent company guarantee
• A guarantee from a director
• A letter of credit from a bank

All of these alternatives have potential disadvantages, for example both the bank guarantee or bond and a letter of credit will require a payment to the bank from the tenant to secure the payment and the value of a guarantee will depend upon the strength of the party providing the guarantee.

Points to be considered when negotiating a rent deposit deed

How much should the landlord require .

There is no prescribed level and no statutory constraints on the size of the sum. However, the amount put down usually reflects the rent payable under the lease, the likely period that it would take for the landlord to re-let the property and the landlord’s perception of the risk that the tenant poses.

Rent deposits are generally equivalent to between 6 & 12 months’ rent due under the lease. The amount is usually related to the yearly rent payable but may also include insurance rent and service charges.

VAT on rent deposits is often a contentious point a deposit in respect of the sum representing the amount of VAT that will be payable is often a contentious point. The parties may not consider VAT when negotiating the amount. VAT is not payable on the sum deposited with the landlord as a supply is not being made at that time, but once the landlord draws on deposit as a result of tenant’s default and if the landlord has exercised the option to tax, VAT will be payable on the amount drawn down.

Accordingly, where the landlord has exercised the option to tax or is likely to do so, the negotiated deposit should be an amount that includes a sum equivalent to the VAT that will be payable if the tenant is in default.

Simon Ralphs

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A rent deposit is money provided by a tenant to its landlord as security for payment of the rent and performance of the tenant’s covenants contained in the lease.

When will the rent deposit be returned to the tenant?

It will generally be returnable in the following circumstances;-

• Assignment under the lease in accordance with the lease. (On such an occasion the landlord may, if appropriate, want to require a new rent deposit from the assignee.)
• Expiry of the lease term without any holding over under the landlord and tenant Act 1954
• Early termination of the lease by agreement (such as by way of surrender or exercise of an option to break). Early termination by agreement would exclude forfeiture and disclaimer

The landlord may also agree to return the rent deposit if the tenant demonstrates that its financial position has sufficiently improved to render the rent deposit unnecessary to reassure the landlord that it will meet its financial obligations under the lease. Examples of this trigger are the “net profit” test where the net profits of the tenant are shown to equal or exceed a multiple (usually 3 times) of the rents reserved by the lease for up to 3 years and the “net assets” test where the net assets of the tenant are equal to a multiple (often 5 times) of the rents reserved by the lease.

Tax on rent deposits

Sdlt on the rent deposit.

In the past, rent deposits did not form part of the “consideration” on the grant or assignment of a lease so no SDLT was charged on. However, the Finance (No.2) Act 2005 contains provisions to enable SDLT to be charged on premiums that are disguised as rent deposits.

Under these statutory provisions, rent deposits are held to be “consideration” for the purpose of the grant or assignment of a lease (and therefore potentially liable for SDLT) unless the rent deposit is less than twice the highest amount of annual rent payable in any 12 month period in the first 5 years of the term or, in the case of an assignment, in the first 5 years of the term remaining outstanding at the date of the assignment.

It is argued by some advisors that these provisions only apply to the type of the rent deposit structure where the tenant actually transfers ownership of the deposit monies to the landlord. However, most rent deposits are drafted to provide that the money is held by the landlord but owned by the tenant.

VAT ON RENT DEPOSIT MONIES

Where a landlord has opted to pay VAT, VAT is payable on the annual rent. As mentioned above, it is therefore usual where the option has been exercised, for the landlord to ask that the money deposited incorporates a figure equivalent to the VAT on the rent deposit to ensure that the landlord will be able to claim the full amount due if the tenant fails to pay rent.

VAT is not actually payable when the money is put on deposit, since the landlord is making no supply at that date. It is only if and when the Landlord makes a deduction from the deposit monies that a taxable supply is made that is liable to VAT.

No VAT invoice is required when a rent deposit deed is entered into if a sum equivalent to VAT is paid.

Further information

This article contains some initial points to be considered in relation to rent deposit deeds. These documents are often drafted in a complex way and questions will arise on each form of rent deposit deed used for example whether a landlord can draw against a rent deposit if a corporate tenant becomes insolvent, and what happens when the landlord sells its interest in the property.

If you have any queries on any of these points or the point referred in this note or any other matters relating to rent deposit deeds please contact our Commercial Real Estate team.

About this article

• Subject Commercial Rent Deposits – A brief overview
• Author Simon Ralphs
• Expertise Commercial Real Estate
• Published 19 December 2022

Disclaimer This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full General Notices on our website.

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A rent deposit deed is a legal document that sets out the terms and conditions related to a rent deposit provided by the tenant to the landlord. It is an important element of the leasing process to protect the landlord's interests.

It is important to note that the specific details of rent deposit deeds can vary depending on the negotiated terms between the landlord and tenant, as well as any legal requirements or standard practices in a particular jurisdiction.

It is advisable to consult with a solicitor experienced in commercial property law to ensure compliance with all relevant regulations and to protect your interests.

Our team of expert commercial property solicitors in London can help prepare and negotiate a rent deposit deed (and your commercial lease). To find out how we can help with your rent deposit deed, contact us on 0203 417 3700 .

No matter where your commercial property is, our solicitors provide legal services regarding commercial leases and rent deposit deeds throughout England and Wales.

Table of Contents

What is the purpose of a rent deposit deed?

How much is a commercial rent deposit, what to include in a rent deposit deed.

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The primary purpose of a rent deposit deed is to provide the landlord with financial security in case the tenant fails to fulfil their obligations under the lease agreement. It acts as a form of guarantee for the landlord.

The rent deposit is typically a specific amount of money, usually equivalent to a few months' rent. The exact amount is negotiable between the landlord and the tenant and may depend on factors such as the tenant's creditworthiness, the length of the lease, and the type of commercial property.

A rent deposit deed in a commercial property lease typically includes various provisions and terms that govern the deposit provided by the tenant to the landlord. While the specific contents may vary depending on the negotiated terms, here are some common elements that are typically included in a rent deposit deed:

• Parties Involved: The deed should identify the parties involved, namely the landlord and the tenant, along with their contact information and legal identities.
• Deposit Amount: The deed should clearly state the specific amount of the deposit provided by the tenant. This amount is usually expressed as a monetary figure or a percentage of the rent.
• Purpose of the Deposit: The deed should outline the purpose of the deposit, which is typically to serve as security for the landlord in the event of the tenant's default or breach of the lease agreement.
• Deposit Holding: The deed should specify how and where the deposit will be held. It may indicate whether the landlord will hold the deposit directly or if it will be held by a third-party agent, such as a solicitor or an escrow agent.
• Utilisation of the Deposit: The deed should outline the conditions under which the landlord can utilise the deposit. This may include instances such as non-payment of rent, breach of lease terms, or failure to fulfil obligations. It should specify the process for accessing the deposit and any notice requirements.
• Deductions from the Deposit: The deed should address the circumstances in which the landlord can make deductions from the deposit. This typically includes outstanding rent, damages beyond normal wear and tear, and any costs incurred due to the tenant's breach or non-compliance.
• Repayment of the Deposit: The deed should establish the conditions for the return of the deposit to the tenant. This typically occurs at the end of the lease term if the tenant has met all their obligations. The deed may specify any deductions or adjustments that will be made before returning the deposit to the tenant.
• Interest on the Deposit: The rent deposit deed should specify whether any interest will be paid on the deposit during its tenure. If interest is applicable, the rate and terms of payment should be clearly stated.
• Assignment and Subletting: The deed may address the impact of any assignment or subletting of the lease on the deposit, including the transfer of the deposit to a new tenant.

It is common for tenants to seek independent legal advice before entering a rent deposit deed. This ensures that they understand the implications and terms of the agreement. Call our commercial property experts today at 0203 417 3700 for more information about the services.

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Deed of assignment of rent deposit(s)

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⛪ Rent deposit assignment

A rent deposit assignment is a legal document that assigns the responsibility for paying the rent on a property from one party to another. This type of assignment is typically used when a tenant is unable to make their rent payments and assigns the responsibility to a third party, such as a family member or friend. The assignment can also be used to assign the responsibility for paying the rent to a new tenant if the original tenant moves out before their lease is up.

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Deed Of Assignment For Rent Deposits (Occupation Lease)

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Elektrostal

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• Moscow Oblast

Elektrostal

Elektrostal Localisation : Country Russia , Oblast Moscow Oblast . Available Information : Geographical coordinates , Population, Area, Altitude, Weather and Hotel . Nearby cities and villages : Noginsk , Pavlovsky Posad and Staraya Kupavna .

Information

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Elektrostal Demography

Information on the people and the population of Elektrostal.

Elektrostal Geography

Geographic Information regarding City of Elektrostal .

Elektrostal Distance

Distance (in kilometers) between Elektrostal and the biggest cities of Russia.

Elektrostal Map

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Elektrostal Nearby cities and villages

Elektrostal weather.

Weather forecast for the next coming days and current time of Elektrostal.

Elektrostal Sunrise and sunset

Find below the times of sunrise and sunset calculated 7 days to Elektrostal.

Elektrostal Hotel

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Elektrostal Nearby

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Elektrostal Page

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• Distance /Russian-Federation--Moscow-Oblast--Elektrostal#dist1
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New & Custom Home Builders in Elektrostal'

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• Elektrostal', Moscow Oblast, Russia

Professional Category (1)

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Featured Reviews for New & Custom Home Builders in Elektrostal'

• Reach out to the pro(s) you want, then share your vision to get the ball rolling.
• Request and compare quotes, then hire the Home Builder that perfectly fits your project and budget limits.

Before choosing a Builder for your residential home project in Elektrostal', there are a few important steps to take:

• Define your project: Outline your desired home type, features, and layout. Provide specific details and preferences to help the builder understand your vision.
• Establish a budget: Develop a comprehensive budget, including construction expenses and material costs. Communicate your budgetary constraints to the builder from the beginning.
• Timeline: Share your estimated timeline or desired completion date.
• Site conditions: Inform the builder about any unique site conditions or challenges.
• Local regulations: Make the builder aware of any building regulations or permits required.
• Land Surveying

What do new home building contractors do?

Questions to ask a prospective custom home builder in elektrostal', moscow oblast, russia:.

If you search for Home Builders near me you'll be sure to find a business that knows about modern design concepts and innovative technologies to meet the evolving needs of homeowners. With their expertise, Home Builders ensure that renovation projects align with clients' preferences and aspirations, delivering personalized and contemporary living spaces.

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