There are many reasons why a company might need to exit the premises that they’re in before the end of their lease. For instance, they may be faced with circumstances beyond their control, might need to relocate quickly, may be in the process of upgrading or downsizing or may be having trouble paying the rent. Assignments and sub-lets are both usually the result of a company needing to make an unforeseen exit and both involve another company taking over the vacated space.
There are differences between subletting and assigning an office space to someone. When a space is sublet, the exiting tenant is still responsible for the property whilst the new tenant takes over their obligations when the lease is transferred to them in an assignment. If you need to sublet or assign a space to someone – or if you’re interested in moving into a space that someone is leaving, you may be confused about what your options are. Fortunately, Covent Garden Office Space can help.
At Covent Garden Office Space, we have years of experience when it comes to negotiating with landlords. We can help to you benefit from the best possible terms, whether you’re entering into a brand new lease or taking over an existing agreement. It’s also worth remembering that most landlords do prefer sub-lets to assignments as this means that the original tenant is still responsible for the lease. If a lease is assigned to someone else, the landlord may become concerned about whether the new tenant can be trusted. If you are assignment a lease to someone that you have a close relationship with, landlord is more likely to be satisfied with the arrangement.
Whether you need to negotiate an assignment or a subletting arrangement on a Covent Garden office, we can help. We’re waiting to hear from you if you need help with sub-lets and assignments.
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