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commercial property, Commercial property sale, Tenancy Deposits, Uncategorized    No Comments

 

 

The first step is that you will need to check that the lease can be passed to another third party. Look at the terms  the lease for the assignment of lease clause. Most leases allow for the assignment of the whole, very few allow for the assignment of part of the property.

The assignment clause will generally require that the landlord’s consent to the assignment is obtained. The landlord and you, as the outgoing tenant, will want to ensure that the tenant coming in is off suitable financial standing to pay rents etc. The landlord may put conditions on the licence to assign including:-

1. that you as the tenant passing the lease on, enters into what is called an AGA ( Authorised Guarantee Agreement). This in basic terms is an agreement in which you as the tenant passing the lease on, guarantees that the incoming tenant will comply with the terms of the lease;
2. the landlord will ask that you pay his fees and his surveyor’s fees for  the licence to assign;
3. the landlord if he is not completely satisfied that the incoming tenant is of suitable financial standing may request that the incoming tenant pays a rent deposit.

When you are looking to pass the lease onto a new tenant it is important that you take legal advice at an early stage. I have lots of experience in such matters and would be happy to assist with any questions you may have and if you decide to instruct would provide you with a fixed fee quote for the work.

Christie Limb

climb@fidler.co.uk

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Tenancy Deposits    No Comments

The Tenancy Deposit Service  have claimed that up to a million private sector deposit remain unprotected.  Please make sure that you are not one of these landlords.

Failure to protect your deposit could result in a Court ordering that you have to protect the deposit and pay the tenant compensation equivalent to three times the amount of the deposit – if your deposit is £1000, that’s £4000 you will have to pay out, you may also have to pay the tenant’s legal costs.

Further, while the deposit remains unprotected you can not issue a Section 21 Notice (which is the first step towards getting possession).

If you have not protected your deposit yet ensure that it is the first thing you do after reading this.

If you would like any legal advice, please telephone Rebecca Brough at Fidler & Pepper on 01623 448331 or visit our Landlord Legal Advice page

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