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Page 6 of 8
Renting Premises
5. Option to Assign
Assigning a lease (passing it on to another business) is like subletting, but a more final step which ends your occupation of the premises.
5.1 The terms of your lease could range from an absolute covenant against assignment, at one extreme, to no restriction at all.
- The terms may be open to interpretation, which can lead to legal disputes.
5.2 You may be required to guarantee the next tenant's payments.
- The landlord can only claim under such a guarantee within six months of the payments by the new tenant ('assignee') becoming due.
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