lease assignment

lease assignment
When a tenant assigns a lease he usually needs to obtain the landlord's prior written consent or licence to so. The landlord is likely to ask for references, accounts and so forth, to establish whether the assignee will be a good and creditworthy tenant. The licence does not absolve the existing tenant from his continuing liability to the landlord under the lease if the new tenant defaults. If the new tenant has a strong covenant, the landlord may be willing to discharge the existing tenant's continuing liability. In any event, the landlord will charge the tenant for his legal and other expenses in considering and granting a licence.

Easyform Glossary of Law Terms. — UK law terms.

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  • assignment — as·sign·ment n 1: the act of assigning 2 a: a position, post, or office to which one is assigned b: a task assigned 3: a present transfer of property or rights absolute assignment: an assignment in which the transfer is complete and leaves the… …   Law dictionary

  • assignment of lease — see assignment Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • Equipment lease assignment — Equipment Lease Agreements typically contain language prohibiting the Lessee from assigning the lease to a third party. For example, YOU HAVE NO RIGHT TO SELL, TRANSFER, ASSIGN, SUBLEASE, OR ENCUMBER THE EQUIPMENT OR THIS AGREEMENT protects the… …   Wikipedia

  • lease — 1 / lēs/ n [Anglo French les, from lesser to grant by lease, from Old French laisser to let go, from Latin laxare to loosen, from laxus slack] 1 a: a contract by which an owner of property conveys exclusive possession, control, use, or enjoyment… …   Law dictionary

  • Assignment — As*sign ment, n. [LL. assignamentum: cf. OF. assenement.] 1. An allotting or an appointment to a particular person or use; or for a particular time, as of a cause or causes in court. [1913 Webster] 2. (Law) (a) A transfer of title or interest by… …   The Collaborative International Dictionary of English

  • Assignment of dower — Assignment As*sign ment, n. [LL. assignamentum: cf. OF. assenement.] 1. An allotting or an appointment to a particular person or use; or for a particular time, as of a cause or causes in court. [1913 Webster] 2. (Law) (a) A transfer of title or… …   The Collaborative International Dictionary of English

  • assignment of lease — The transfer of a lease by the tenant (assignor) to some other person (assignee). Leases are freely transferable at common law although it is common practice to restrict assignment by conditions ( covenants) in the lease. An assignment that takes …   Accounting dictionary

  • assignment of lease — The transfer of a lease by the tenant (assignor) to some other person (assignee). Leases are freely transferable at common law although it is common practice to restrict assignment by conditions (covenants) in the lease. An assignment that takes… …   Big dictionary of business and management

  • lease — Any agreement which gives rise to relationship of landlord and tenant (real property) or lessor and lessee (real or personal property). Smith v. Royal Ins. Co., C.C.A.Cal., Ill F.2d 667, 671. A contract for exclusive possession of lands,… …   Black's law dictionary

  • lease — Any agreement which gives rise to relationship of landlord and tenant (real property) or lessor and lessee (real or personal property). Smith v. Royal Ins. Co., C.C.A.Cal., Ill F.2d 667, 671. A contract for exclusive possession of lands,… …   Black's law dictionary

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