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Matt Jones
Matt Jones, Solicitor
Category: Law
Satisfied Customers: 671
Experience:  I am a qualified and practising Solicitor with over 7 years post qualification experience
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I jointly own a commercial property which is let out under

Resolved Question:

I jointly own a commercial property which is let out under a lease.
my business partner wants to transfer his half share of the property to his wife ( for income tax savings)
how do we notify the tenants/amend the lease?
Submitted: 2 years ago.
Category: Law
Expert:  Matt Jones replied 2 years ago.
Hi I'm happy to assist. Have you actually transferred the legal title as yet (i.e. the freehold ownership?)
Customer: replied 2 years ago.
No. A transfer has been prepared by my partner's solicitor but it has not been signed.
So at this stage it is a proposed transaction and I am keen to ensure we do all the paperwork correctly as regards ***** *****
Expert:  Matt Jones replied 2 years ago.
Thanks. Is there a guarantor as well as the tenant, or just the tenant?
Customer: replied 2 years ago.
The tenant is an NHS trust ....so hopefully we don't need a guarantor!
Expert:  Matt Jones replied 2 years ago.
Ok thanks. There is no requirement for consent or alteration of the lease in a freehold assignment. You just need to give the tenants notification of the assignment and the "new" landlords. However the outgoing landlord is still "on the hook" as far as his obligations are concerned (i.e insurance, repair etc) unless the tenant releases them from it. Usually however there is a clause already built into the lease that automatically does this. You need to check with your solicitor there is such a clause (it may not be such an issue in your case however as you are still the landlord, as is his wife so he is still clearly connected to the premises in some way)
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