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Thomas, Lawyer
Category: UK Law
Satisfied Customers: 7613
Experience:  BA (Hons), PgDip, Practising Solicitor
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I (seller) am selling a remainder of a lease (lease) together

Resolved Question:

I (seller) am selling a remainder of a lease (lease) together with some fittings to a (buyer) by a written (agreement 1) and this currently resides with me (both signed copies).
The landlord has agreed and issued an assignment doc - the buyer and seller have agreed and signed that and sent it to the landlords agents solicitor who says she accepts the document as valid and she is empowered to endorse it on behalf of the Landlord and will send to me duly authorised.
when I receive this I intend to tell the buyers Solicitor that I have it and ask him to deposit the agreed payment for it in my bank by chaps and when the bank confirms the payment to release a copy of the landlords agreement to the assignment duly authorised together with the counterpart of the (agreement 1) to the buyer together with a set of keys and the agreed schedule of fittings.
Is this right ?
Submitted: 6 years ago.
Category: UK Law
Expert:  Thomas replied 6 years ago.

Thanks for question.

Yes, you have broadly identified the correct process for completing the assignment of the lease.

I assume the assignment docs that the landlord’s solicitor has is the “Licence to Assign” – effectively the landlord’s consent for you to assign the lease to the Buyer.

Usually there would be a contract for sale between you and the Buyer as one document and then a deed of assignment or Land Registry Transfer form.

If the landlord executes the licence to assign and then sends it to you. You should
1) Confirm this to the Buyer’s Solicitors and ask to be put in funds by CHAPS and confirm that these funds shall be held strictly to their order pending formal completion of the contract transfer deed. They may require this in writing (eg. Email)
2) When the money lands you should then call the Buyer’s Solicitor and confirm receipt stating that you are read to complete).
3) You and the buyer’s solicitor should then confirm the broad terms of the contract and Transfer/Deed of Assigment/schedule of fixtures/fittings and then confirm you hold your respective signed copies and then date the documents.
4) You should then ask that the Buyer’s Solicitor releases the money to you. They confirm release of funds and you both agree to exchange documents in the post. The transaction is then therefore completed and you can invite them to collect the keys or to post them to them.

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Customer: replied 6 years ago.