Sub-lets & Assignments

From time-to-time companies, need to leave their premises before their lease expires. There are many reasons why this might happen. A company may need to upgrade or downsize at short notice and may no longer be able to afford to rent being charged. Assignments and sub-lets are not the same thing, contrary to popular belief, but they both refer to a property being evacuated and someone else moving into the freed-up space.

In subletting, the original tenant is still responsible for the lease, whilst assignments involve the new tenant taking over the original lease and assuming their rights and obligations. Whether you are thinking of taking over someone’s lease or finding someone to take over yours, we can help. We can also assist you if you are thinking of entering into a brand new lease but wish to protect yourself if you do ever need to leave part of the way through it. We have the negotiating power to get you the best possible terms if you are starting a new lease or taking over someone else’s over.

Landlords do tend to prefer sub-lets over assignments because the original tenant is still bound to the existing terms. Where an assignment is in place, a landlord may worry about whether the new tenant will stick to the agreement, pay on time and treat the property with respect. Assignments are more likely to be approved if the proposed tenant is affiliated with your business. If you need to negotiate an assignment or subletting arrangement, Victoria Office Space can give you the guidance that you seek. Talk to us today about sub-lets and assignments.

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