Free Lease Assignment Agreement

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Lease Assignment Agreement

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ASSIGNMENT OF TENANCY AGREEMENT WITH CONSENT OF LANDLORD

THIS ASSIGNMENT OF TENANCY AGREEMENT dated this ________ day of ________________, ________

BETWEEN:

_________________________

(the "Assignor")

OF THE FIRST PART

- AND-

_______________________

(the "Assignee")

OF THE SECOND PART

  1. Background
  2. This is an agreement (the "Assignment") to assign a residential tenancy agreement in real property according to the terms specified below.
  3. The Assignor wishes to assign and transfer to the Assignee that tenancy agreement (the "Tenancy Agreement") dated May 28, 2020, and executed by the Assignor as tenant and by _________________________ as landlord (the "Landlord").

IN CONSIDERATION OF the Assignor agreeing to assign and the Assignee agreeing to assume the Tenancy Agreement for the Premises, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, both parties agree to keep, perform and fulfill the promises, conditions and agreements below:

  1. Premises
  2. The Tenancy Agreement governs the rental of the following described premises (the "Premises") to the Assignor: ______________________________________________
  3. Assigned Tenancy Agreement
  4. The Assignor assigns and transfers to the Assignee all of the Assignor's right, title, and interest in and to the Tenancy Agreement and the Premises, subject to all the conditions and terms contained in the Tenancy Agreement.
  5. Effective Date
  6. This Assignment takes effect on May 28, 2020 (the "Effective Date"), and continues until the present term of the Tenancy Agreement expires on May 28, 2020.
  7. Assignor's Interest
  8. The Assignor covenants that:
    1. the Assignor is the lawful and sole owner of the interest assigned under this Assignment;
    2. this interest is free from all encumbrances; and
    3. the Assignor has performed all duties and obligations and made all payments required under the terms and conditions of the Tenancy Agreement.
  9. Breach of Tenancy Agreement by Assignee
  10. Consent to this Assignment will not discharge the Assignor of its obligations under the Tenancy Agreement in the event of a breach by the Assignee.
  11. In the event of a breach by the Assignee, the Landlord will provide the Assignor with written notice of this breach and the Assignor will have full rights to commence all actions to recover possession of the Premises (in the name of the Landlord, if necessary) and retain all rights for the duration of the Tenancy Agreement provided the Assignor will pay all accrued rents and cure any other default.
  12. Governing Law
  13. It is the intention of the parties that this Assignment, and all suits and special proceedings under this Assignment, be construed in accordance with and governed, to the exclusion of the law of any other forum, by the laws of England, without regard to the jurisdiction in which any action or special proceeding may be instituted.
  14. Miscellaneous Provisions
  15. This Assignment incorporates and is subject to the Tenancy Agreement, a copy of which is attached hereto, and which is hereby referred to and incorporated as if it were set out here at length. The Assignee agrees to assume all of the obligations and responsibilities of the Assignor under the Tenancy Agreement.
  16. This Assignment will be binding upon and inure to the benefit of the parties, their successors, assigns, personal representatives, beneficiaries, executors, administrators, and heirs, as the case may be.
  17. All rents and other charges accrued under the Tenancy Agreement prior to the Effective Date will be fully paid by the Assignor, and by the Assignee after the Effective Date. The Assignee will also be responsible for assuming and performing all other duties and obligations required under the terms and conditions of the Tenancy Agreement after the Effective Date.
  18. There will be no further assignment of the Tenancy Agreement without the prior written consent of the Landlord.

IN WITNESS WHEREOF the Assignor and Assignee have duly affixed their signatures under hand and seal on this ________ day of ________________, ________.

_______________________
Witness:
_______________________
Address

_______________________
_________________________

_______________________
Witness:
_______________________
Address

_______________________
_______________________


CONSENT OF LANDLORD

The Landlord in the above Assignment of Tenancy Agreement executed on the ________ day of ________________, ________, consents to that Assignment. The Landlord also agrees to the Assignee assuming after May 28, 2020, the payment of rent and performance of all duties and obligations as provided in the Tenancy Agreement.

Dated: ____ day of _________________, 20____




______________________________
Landlord: _________________________

Lease Assignment

Alternate Names:

A Lease Assignment is also known as:

  • Assignment of tenancy
  • Lease assignment agreement
  • Licence to assign a lease
  • Assignment of lease

What is a Lease Assignment?

A Lease Assignment transfers the rights and interest in a commercial or residential tenancy from one party to another. This party, known as the assignee, assumes the responsibility of the original tenant (the assignor). A Lease Assignment will not only detail the terms of the transfer but will also help make it legally enforceable.

When should I assign a lease?

There are many reasons why someone might need to move unexpectedly, such as a sudden change in employment or family needs, such as a divorce or relocating for a medical need. If you need to assign your lease without the landlord penalising you, a Lease Assignment is a valid option. To do this, you’ll need to find a new tenant that is interested in taking over the lease.

If you are a landlord and your tenant approaches you, looking to transfer the rights of their lease, a Lease Assignment will make the transfer official. You may have stated in your original lease that you will not allow your tenant to transfer the lease. In this case, a Lease Assignment, along with written permission from the original landlord is the best way to transfer the lease.

How do I transfer a lease?

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. Keeping a record of the landlord’s consent helps reinforce the agreement, especially if the landlord later denies granting permission.

If you haven’t already, find a tenant to take over your lease. Your landlord may have qualifications they would like the new tenant to meet, so clarify their expectations with them before beginning to search. Once you find a new tenant, the landlord may still want to have the final say.

After agreeing on a new tenant, you should organise a Rental Inspection Report with the landlord. This will ensure that you are not liable for any damages the assignee causes after they take over the lease. You can also document the state of the property with pictures to provide further proof.

To make the transfer of a lease legal, complete a Lease Assignment. If the landlord agrees, this can free you of your obligations as the original tenant to the lease, including any remaining interest.

All three parties should sign the document: the landlord, the original tenant, and the new tenant. To help reinforce its validity, you may wish to have two witnesses sign the Lease Agreement as well.

Once the document is signed, the lease transfer is complete. Make sure all three parties have a copy of the document. The assignee should also have a copy of the original lease.

What is the difference between assignment and sublet of a lease?

With a Sublet Agreement, an original tenant can choose to create a new lease with a new tenant for part or all of their original tenancy. This means that the original tenant transfers their title of “tenant” to a “subtenant,” effectively becoming a “sublandlord.”

For example, if a tenant lives in a large house and wishes to rent out the basement to cover some of the rent, a Sublet Agreement allows them to remain in the property and maintain full responsibility for the lease. Once the agreement is in place, the subtenant can move into the basement and will treat the original tenant as a landlord.

In this case, the original tenant (i.e., sublandlord) maintains the responsibility for the lease. So, if the subtenant misses a rent payment, the original tenant must continue to ensure the original landlord gets paid. Subletting a Lease Agreement keeps the original lease in place.

A Lease Assignment, on the other hand, transfers the remainder of a lease in its entirety to another party. In other words, a new tenant (the assignee) assumes the rights and responsibilities of the original lease. In general, the assignor is no longer responsible for the lease (as long as the landlord agrees).

For instance, if a tenant is relocating for work and no longer wishes to be responsible for their lease, they can transfer the remainder of the lease to a new tenant, giving up their rights to the property. This way, they can relocate without being penalised by the landlord for breaking their lease.

Can a landlord refuse to assign a lease?

A landlord must consent before a Lease Assignment can occur. Check your original lease to see if there is information that allows the Lease Assignment. If not, the best thing to do is to contact your landlord and get written permission to assign the lease to a third party.

Who is liable in a Lease Assignment?

With a Lease Assignment, the assignor transfers their rights in the lease to the assignee. The assignee now becomes responsible for upholding the terms of the lease.

LawDepot’s Lease Assignment template will prompt you to decide on the continuing liability of the assignor. Continuing liability means that some landlords may continue to hold the assignor responsible for lease violations after the transfer of the lease.

If the assignor is not liable, the landlord must solely hold the assignee responsible for the lease, including the remaining interest and damages accrued to the property.

Is transferring a lease legal?

In most jurisdictions, lease transfers are legal when executed with the proper landlord permission. However, the enforceability of a Lease Assignment Agreement may vary depending on your situation, the wording of your contract, and any legal precedents (i.e., rules established in previous court cases) set in your jurisdiction.

To help ensure the completeness of your document, LawDepot’s Lease Assignment template is customisable to suit the legal requirements of the location you select.

Can I transfer any type of lease?

LawDepot’s Lease Assignment template allows you to transfer the remainder of a residential or commercial lease.

A residential lease (also known as a Tenancy Agreement) is a lease agreement that gives the tenant the right to live at the rented property. Residential leases are typically used for homes, apartments, or other rental suites people live in.

A commercial lease, on the other hand, allows the tenant to conduct business on the rental property. Landlords use commercial leases for property like storefronts.

Also, in some situations, it is illegal to assign a council or social housing lease. You can assign a social or council lease to a family member or partner you live with or if you want to swap homes with another council or association tenant. However, you must check that you have a right to assign the lease to them and provide evidence that they live with you before completing the assignment.

Related Documents:

  • Lease Amendment: Use this document when you need to make changes to an existing lease without nullifying the document. The original lease remains in effect but includes the new additions outlined in the document.
  • Commercial Sublease Agreement: Use this document to transfer the obligations and rights of a commercial lease from the original tenant to another party. A Sublease is a great option when the original tenant wants to maintain the rights to the lease.
  • Residential Sublet Agreement: Use this document to transfer the obligations and rights of a residential lease from the original tenant to another party. A Sublease is a great option when the original tenant wants to maintain the rights to the lease.
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