Commercial Lease Assignment Review
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Description
Experience Level: Intermediate
Hello
In December 2017 I took an assignment of a commercial lease for a property with approx 10 years remaining on the lease. At the time of completion/my taking possession of the property the following documents were completed:-
-Licence to Assign and Deed of Variation (combined deed) between the landlord, existing tenant and myself
-Rent Deposit Deed (3 months rent)
The Deed of Variation was required as forecourt parking was added to the demise in return for a slight increase in rent. There was no premium.
We did not complete any of the following documents nor were any submitted for approval by any of the parties/solicitors:-
-Deed of Assignment
-TR1
-Contract
As a result of the Deed of Variation increasing the demise the Land Registry has determined that a surrender and regrant has taken place. We have been sent a requisition by LR stating that I cannot be the Applicant on the AP1 as there is nothing formally assigning the property to me. The applicant should be the previous tenant unless I can submit an assignment/transfer.
I am now looking to assign the property but want to know if there is anything preventing me from simply vacating the premises. Am I legally required to sign a Deed of Assignment/TR1 at this stage and will there be any repercussions should I simply choose to leave thereby allowing the previous tenant to register the DoV and assign to someone else.
I have my own thoughts on this but would appreciate the opinion of a commercial property specialist. Happy to forward any of the documentation should this be needed.
Thank you
In December 2017 I took an assignment of a commercial lease for a property with approx 10 years remaining on the lease. At the time of completion/my taking possession of the property the following documents were completed:-
-Licence to Assign and Deed of Variation (combined deed) between the landlord, existing tenant and myself
-Rent Deposit Deed (3 months rent)
The Deed of Variation was required as forecourt parking was added to the demise in return for a slight increase in rent. There was no premium.
We did not complete any of the following documents nor were any submitted for approval by any of the parties/solicitors:-
-Deed of Assignment
-TR1
-Contract
As a result of the Deed of Variation increasing the demise the Land Registry has determined that a surrender and regrant has taken place. We have been sent a requisition by LR stating that I cannot be the Applicant on the AP1 as there is nothing formally assigning the property to me. The applicant should be the previous tenant unless I can submit an assignment/transfer.
I am now looking to assign the property but want to know if there is anything preventing me from simply vacating the premises. Am I legally required to sign a Deed of Assignment/TR1 at this stage and will there be any repercussions should I simply choose to leave thereby allowing the previous tenant to register the DoV and assign to someone else.
I have my own thoughts on this but would appreciate the opinion of a commercial property specialist. Happy to forward any of the documentation should this be needed.
Thank you
Charlie P.
100% (9)Projects Completed
10
Freelancers worked with
6
Projects awarded
5%
Last project
31 Jul 2023
United Kingdom
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