Assignment and Subletting
As managing agents of a predominantly commercial property portfolio, James and Sons regularly receive requests from tenants to assign or sublet their lease. Corporate occupiers are typically aware of their alienation rights, but for many small businesses the Landlord and Tenant Act 1988 does not feature highly on the radar. Tenants are very often surprised at the extent of information requested as part of an application.
To help provide clarity for all parties, legal experts Guy Fetherstonhaugh QC, Jonathan Karas QC, Nicholas Cheffings and Mathew Ditchburn have put together the Property Protocol website. With regard to assignment and subletting, it has three aims:
Firstly, to improve communication between landlord and tenant and establish a workable timetable.
Secondly, to avoid arguments as to the information and documentation that should form part of any application, and as to the period of time within which the landlord should give its decision.
Third, if disputes do arise, parties are guided towards alternative dispute resolution, with recourse to the courts being an option of last resort.
Application for Assignment and Subletting
It is essential that tenants obtain their own, independent, legal advice when considering submitting a request. Upon receipt of a request, James and Sons will specify the information required and likely costs on behalf of the landlord. We would also recommend tenants review the Property Protocol website, which provides an excellent outline of the process: