This document is a draft licence to assign a lease.
The licence does not include an authorised guarantee agreement - the Property PSL AGA is a separate free-standing precedent document. However, this means that this licence to assign can be used whether the lease that is being assigned is an old lease (i.e. a lease that is not a new tenancy for the purposes of the Landlord and Tenant (Covenants) Act 1995) or a new lease. Where the lease is an old lease, references to the 1995 Act should be removed, and any direct covenant entered into by the Assignee can be stated to run for the entirety of the Term.
The licence contains fresh guarantee covenants to be entered into by any new guarantor offered to support the assignee's liabilities.
Before using this precedent document, it is advisable to read the accompanying drafting notes.
In addition, where the assignee's obligations are supported by a guarantee, it is advisable to read the detailed drafting notes relating to the guarantee provisions included in all Property PSL leases. These can be found with the Property PSL lease of whole (office).