LPC Law Notes > Property Law and Practice Notes
A more recent version of these Grant Of A Lease, Assignment And Subletting notes – written by Cambridge And Oxilp And College Of Law students – is available here.
The following is a more accessble plain text extract of the PDF sample above, taken from our Property Law and Practice Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:
Grant of a lease, assignment and subletting 1) Grant of a lease
2) Assignment of a lease
What is it?
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Brand new lease Free to negotiate Will normally follow the heads of terms
Documents /
formalities
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The Lease
Examples
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First sale of a newly build flat by a residential developer who owns the freehold
What is it?
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There is no new lease It is the transfer of the old lease to a new tenant
Documents /
formalities
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The Lease (which is already in existence) Licence to assign signed by: o Landlord o Tenant (assignor) o Assignee Deed of assignment signed by o Tenant o Assignee
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Examples
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3) Under-letting of existing lease
Sale of a residential flat where the freehold belongs to a developer under the same terms A lease with 3 years remaining where another lease is granted over the entire premises to another occupier for the remainder of the term of the lease
What is it?
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Creation of a new lease based upon the terms of the old lease Not completely free to negotiate the terms
Documents /
formalities
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Licence to underlet signed by o Landlord o Tenant o Under-tenant (giving landlord a covenant to comply with the head lease excluding the covenant to pay rent) The Under-Lease
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Examples
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A tenant allows a friend to live in the flat for 6 months A lease with 3 years remaining where another lease is granted over the entire premises to another occupier for the remainder of the term of the lease minus 1 day
Buy the full version of these notes or essay plans and more in our Property Law and Practice Notes.