What is a licence to assign?
A licence to assign is the formal document detailing the landlord’s permission for a leaseholder selling their property to assign the lease to the new incoming leaseholder purchasing their property. This then makes the incoming leaseholder responsible for the leaseholder duties within the lease.
When assessing whether to approve a licence to assign request there are a number of aspects to check, such as whether the ground rent and service charges are paid up to date. Whilst some managing agents have the capacity to manage these assessment themselves, a large proportion of managing agents prefer to use expert solicitors to carry out all their licence to assign work.
How long does a licence to assign take?
When required, we can turn around a licence to assign request within 3 working days of receiving the relevant documentation.
How do I find out if a licence to assign is required?
You will be able to find out whether a leasehold property that you’re selling requires a licence to assign by referring to your lease. If one is required there will be a clause within the lease stating so.
Brady Solicitors’ experts can:
- Liaise directly with the leaseholder’s solicitors following a simple introduction from their managing agent.
- Carry out all of the necessary assessments to confidently approve a licence to assign request.
- Invoice the leaseholder directly, removing any potential cost to the managing agent.
- Provide the managing agent with all of the relevant documentation upon completion to keep on file to aid with good estate management.
- Work within a time frame to suit the requirements of the leaseholder and freeholder or managing agent.
- Provide a notice of transfer or a notice of charge for the purchasing/incoming leaseholder.