Assignment Procedure Flashcards
What is the assignment procedure similar to?
A freehold transaction
What is the role of a landlord’s solicitor pre-exchange?
1) Draft license to assign and send to tenant’s solicitor
What is the role of a tenant’s solicitor pre-exchange?
1) Apply for landlord consent
2) Draft contract for assignment and deduce title
3) Send license to assign to assignee’s solicitor
4) Respond to pre-contract enquiries
What is the role of assignee’s solicitor pre-exchange?
1) Assist tenant in obtaining landlord’s consent
2) Review contract, lease, license to assign
3) Conduct title investigation, pre-contract enquiries, searches
What does a Landlord’s solicitor request at Landlord consent application stage?
An undertaking for costs before processing consent
What is the key difference in pre-exchange between assignment and grant of lease?
A new tenant can negotiate terms. An assignee must take lease as it is
What does the assignment take form as?
A deed of assignment
What is a completion statement?
A calculation of proportion of rent / service charge due from assignee
Who prepares completion statement?
The tenant’s solicitor
What happens post completion of assignment?
1) Submits SDLT
2) Register assignment at HM Land Registry
3) Send formal notice of assignment to landlord’s solicitor
What is a sum up of the stages for assignment procedure?
1) Pre-exchange
2) Exchange
3) Pre-completion
4) Completion
5) Post-completion
Is it usual for long residential leases to require assignment consent?
No. This is not typical in any way, shape, form, mode.
