Why do I need a Deed of Assignment of Lease?
A Deed of Assignment is essential in the following situations:
- you’re a tenant and you want to transfer your lease to another business (perhaps you’re selling your business so no longer need your premises) and the landlord has told you they’ll agree if you sort the paperwork (or if you pay their legal fees to sort the paperwork),
- you’re taking an assignment of an existing lease from the tenant (perhaps you bought the business from them), or
- you’re a landlord agreeing to the assignment of your tenant’s lease to a new tenant.
Save time, money and stress using an On Your Terms Deed of Assignment of Lease to get your specific arrangement clearly documented and enforceable in New Zealand.
Who’s this Deed of Assignment of Lease for?
Any business owner tenant, new tenant or landlord agreeing to the assignment of a lease.
What’s in this Deed of Assignment of Lease?
NZ lawyers have designed this Deed of Assignment of Lease for NZ businesses. It is simple, easy to understand, without unnecessary legalese and fair to both sides.
In the document, the current tenant assigns (transfers) the lease to the new tenant and the landlord consents. The new tenant takes over all obligations under the lease (eg, to pay rent). However, as is typical in an assignment of lease, the current (exiting) tenant (and any guarantor of the current tenant) remains responsible to the landlord for any breaches of the lease both prior to the assignment date and by the new tenant after the assignment. The current tenant can recover any costs related to these breaches from the new tenant.
How long will it take to create my document?
Approximately 10 minutes – quicker than a phone call to your lawyer! During the Q&A you can save your progress to come back later, or repeat the Q&A to change an answer or produce a new version of a document.
What information do I need to complete the Q&A?
- The name and contact details of the tenant, landlord, new tenant and any guarantor(s) of the new tenant
- Details of the premises and the lease, and the assignment date
- Current lease term expiry date, rights of renewal, final expiry date, rent, permitted use of the property - all of these should be stated in your lease
- Any agreed variations to the lease
- Whether you want to include an optional guarantee from guarantors of the new tenant to the current (exiting) tenant and the landlord
What if I need help?
On Your Terms has teamed up with Luminate Legal to offer its customers the option of obtaining legal advice from a lawyer to provide extra assurance and peace of mind. If you would like to ask a lawyer some quick questions about your document (or your responses to the Q&A), or have your document reviewed/edited by a lawyer, click here to view and select Luminate Legal's packages and fixed-fee pricing exclusively for On Your Terms customers.
What do I do once my Deed of Assignment of Lease is created?
The Deed of Assignment of Lease is ready to sign as soon as you have downloaded it. All parties must sign it to ensure it’s legally enforceable. If you need help with how to sign the Deed of Assignment of Lease, read our helpful blog: Who can sign legal documents in New Zealand?
Other helpful information:
- Check out our blogs: Commercial lease agreements in New Zealand, Sublease or Property Licence?, How can I get out of my business lease early?
- You may also find these bundles or documents useful for your business: Property Licence, Commercial Sublease Agreement, Agreement to Lease, Deed of Renewal of Lease, Deed of Variation of Lease and Deed of Surrender of Lease
- Check out our FAQs here
If you’re unsure whether this agreement is what you need, reach out to us at hello@onyourterms.co.nz – we’re happy to help!
If you’re not satisfied with your purchase of this product for any reason, let us know why within 10 days of your purchase and we’ll work with you to make sure you’re happy, including giving you a full refund if necessary.
Disclaimer: On Your Terms was created to provide fast, easy and affordable access to legal information and documentation. We are not a law firm and do not provide legal advice. The information and documents we provide are of a general nature, designed for common situations, and may not be suitable for your needs or circumstances. If you need legal advice, we have a network of specialist law firm partners able to help you here.