Pre-contract enquiries and searches (Procedural steps for the assignment of a lease)-FS

Question 1

What is the purpose of pre-contract inquiries and searches in lease assignments?

Answer 1

To investigate the leasehold interest and the property, identifying any issues before the lease is assigned to the new tenant.

Question 2

Who is responsible for advising on pre-contract inquiries and searches in lease assignments?

Answer 2

The solicitor acting for the client acquiring the lease.

Question 3

What types of searches must be considered during lease assignment?

Answer 3

Both elective searches (optional) and essential searches (standard/expected).

Question 4

Who decides which pre-contract searches will ultimately be conducted?

Answer 4

The client acquiring the lease.

Question 5

Definition: Elective Searches

Answer 5

Optional due diligence checks that may be recommended depending on the nature or location of the leasehold property (e.g., environmental or flood risk searches).

Question 6

Definition: Essential Searches

Answer 6

Core searches typically expected in lease transactions, such as local authority, drainage and water, and Land Registry searches.