Lease Assignment: Transfer Your Lease Easily and Legally

Table of Contents

Description

What is it?

The assignment of a lease agreement involves transferring the lease from the current tenant (assignor) to a new tenant (assignee). Notification of this assignment should be given to the landlord to inform them of the change and to seek their approval if required by the current lease contract.

Who needs it?

Any tenant who wishes to transfer their lease to another person due to a change in circumstances e.g. moving out of the country, or no longer wanting to live in the said property.

Procedure

  1. Confirm that your lease can be transferred. Check your lease agreement first for any clauses related to assignments or subletting.
  2. Notify the landlord of your intent to transfer the lease in writing. This notification should provide details of the intended assignee.
  3. Wait for the landlord’s response. Their approval may be contingent upon reviewing the potential assignee’s financial history or signing a new lease agreement.
  4. Sign an assignment agreement. The assignment agreement transfers your obligations under the lease to the new tenant. This agreement should be signed by all three parties: the assignor, assignee, and the landlord.

Required Documents

  • Copy of the current lease agreement.
  • Assignment of Lease Agreement signed by all three parties involved.

Providers That Can Do It for You

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Additional details

  • According to the posts, it’s advisable to always keep a copy of the written communication between you and your landlord for reference.
  • If the landlord does not respond within a reasonable time frame, it may be advisable to seek legal advice.
  • Remember that you may still be responsible for the lease if the new tenant fails to pay rent or damages the property, depending on the terms of your assignment agreement. Always confirm these details before finalising the assignment.
  • It’s generally safer to pay the rent through bank transactions, as it can serve as proof of payment.

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