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In order to transfer a commercial lease, you will likely need to obtain the landlords permission. Failing this, you might be liable to face financial penalties. An assignment of a commercial lease is not always permitted by the landlord.
The process of assignment of a lease is essentially selling the lease to a third party (the assignee). If you are a commercial property tenant, your contract likely contains a clause that allows you to assign your lease to a new tenant. To do this, you will need to find a potential new tenant yourself.
Most commercial leases will include a provision which prohibits assignment without the landlords consent, and will prescribe the process the tenant needs to go through to secure this. What some landlords do not realise is that they can only refuse consent if they have very good reasons.
Can the Landlord refuse consent? If the lease is silent on assignments, the tenant is free to assign without the landlords consent.
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