Tenants of commercial premises sometimes want to transfer the right to occupy those premises to somebody else. This may be because the tenant wants to sell their business and the occupation of the premises is integral to that. Alternatively, the tenant may see an assignment or sub-letting of the lease as a useful way of reducing costs and avoiding losses.
A commercial lease will often contain certain clauses dealing with the position in which a tenant wishes to assign or sub-let a lease and, whatever the tenant’s objective, in order to be successful a tenant has to abide by the relevant provisions in the lease. Equally, the landlord then has obligations placed upon it to respond appropriately.