{"id":1725,"date":"2020-12-20T23:44:41","date_gmt":"2020-12-20T23:44:41","guid":{"rendered":"https:\/\/nz.legalvision.com.au\/?p=1725"},"modified":"2021-03-19T09:35:11","modified_gmt":"2021-03-18T20:35:11","slug":"how-to-assign-a-commercial-lease-in-new-zealand","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/property-and-leasing\/how-to-assign-a-commercial-lease-in-new-zealand\/","title":{"rendered":"How Do I Assign a Commercial Lease in NZ?"},"content":{"rendered":"\n<p><span style=\"font-weight: 400\">If you wish to leave your <a href=\"https:\/\/legalvision.co.nz\/property-and-leasing\/commercial-lease-agreements-new-zealand\/\">commercial lease<\/a> and have another business take it over, you may want to assign your lease. When assigning or transferring your lease, you must do so correctly and following the terms of your tenancy agreement. If not, you could risk breaching a condition of your lease. This article will detail what assignment is, and outline how you can assign your lease.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">How to Assign a Commercial Lease<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">When you <a href=\"https:\/\/legalvision.co.nz\/property-and-leasing\/what-is-the-difference-between-subletting-and-assigning-your-lease-in-new-zealand\/\">assign your lease<\/a> to another business or person (the assignee), you are transferring the assignee:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the obligations you had under the tenancy agreement, including the responsibility to pay rent;&nbsp;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the rights you had under the contract, such as the right to exclude others from the property; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the ability to enforce all covenants in the lease.&nbsp;<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"font-weight: 400\">Under such an arrangement, the assignee is effectively replacing you as the tenant to that lease. They are not taking on a new lease, but inheriting your original lease. If you wish to remain a tenant whilst renting out your commercial premises, subletting your space may be a more appropriate course of action.&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">How Do I Assign a Commercial Lease?<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">How you assign your lease will depend on what type of lease you have.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Registered Lease<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400\">A registered lease is a lease of land that is registered under the land title register. A tenant may register a lease to ensure that they have guaranteed possession of that land.&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">If you wish to assign a registered lease, you must do so by getting a \u2018transfer of lease\u2019 instrument registered by Land Information New Zealand (LINZ). A lawyer or a conveyancer does this registration. A \u2018transfer of lease\u2019 instrument is a written or electronic document that will usually contain:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the names of both the new tenant and the individual assigning the lease;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the rights and obligations the assignee is inheriting; and&nbsp;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the type of tenancy that is being assigned.&nbsp;<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"font-weight: 400\">The property owner, the original tenant who wishes to assign the lease and the assignee must all sign this document. By getting the landlord to sign the document, you are ensuring that you have obtained the landlord\u2019s consent to the assignment.&nbsp;<\/span><\/p>\n\n\n\n<div class=\"box box--info box--icon\">\n<p><span style=\"font-weight: 400\">The assignee does not acquire all of the tenancy\u2019s rights and obligations until after the \u2018transfer of lease\u2019 instrument has been registered.&nbsp;<\/span><\/p>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Unregistered Lease&nbsp;<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400\">An unregistered lease is an agreement to lease that is not registered under the land title register.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">If you wish to assign an unregistered lease, the most common method is through a deed of assignment. A deed of assignment is a written document that meets specific criteria. A deed of assignment will usually contain:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the names of the parties involved;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">a description of the lease in question, including the length of the lease term;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the obligations and rights the assignee is taking on;&nbsp;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the date the assignment takes place; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">a clause that indicates the landlord has consented to the assignment.<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"font-weight: 400\">To be binding, a deed must be executed. Execution takes place when both the landlord and the individual wishing to assign the lease sign it. Someone who is not a party to the deed of assignment must witness these signatures, and provide specific details about themselves. These are the name of the city they live in and their current job description.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">A deed of assignment must also be delivered. A deed will be delivered when it is apparent from the circumstances that the assignee intends to be bound by the deed. A deed will usually be said to be delivered when the assignee starts to pay rent.&nbsp;<\/span><\/p>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+64800005570\" class=\"not-prose\">0800 005 570<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left gform_input_bg_white    \">\n    <script>\nvar 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However, these are not standard terms in commercial leases. If this is the case, assigning your lease could be grounds for your landlord to cancel your lease or evict you from the property. That is why you must be familiar with your lease\u2019s contents before you engage in an assignment.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">You also will need to acquire consent from your landlord before assigning your lease. They can demonstrate consent through a signature, on either the \u2018transfer of lease\u2019 instrument or the deed of assignment. Your landlord cannot unreasonably withhold consent to an assignment.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Key Takeaways<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">If you wish to assign a commercial lease, you must do so correctly. When assigning your lease, ensure that you have:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">read through your lease to see if there is a provision that prohibits assignment;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">determined whether your lease is registered or unregistered;&nbsp;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">(if using a deed of assignment) undergone the correct procedure; and&nbsp;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">obtained consent from all parties involved, specifically your landlord.&nbsp;<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"font-weight: 400\">If you need any assistance with assigning your commercial lease, <a href=\"https:\/\/legalvision.co.nz\/leasing-lawyers-lp\">LegalVision&#8217;s leasing lawyers<\/a> can help. Contact us by calling 0800 005 570 or complete the form on this page.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1606880228344\"><strong class=\"schema-faq-question\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>What does it mean to assign a commercial lease?<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong> <p class=\"schema-faq-answer\">When you assign your commercial lease, you transfer all of your rights and obligations under the lease to a new person.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1606880258379\"><strong class=\"schema-faq-question\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>How do you transfer a business lease?<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong> <p class=\"schema-faq-answer\">How you transfer or assign your business lease will depend on the type of lease you have. If it is registered, you must transfer the lease through a registered transfer of lease instrument. If it is not registered, the most common method of transferring is through a deed of assignment.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1606880271477\"><strong class=\"schema-faq-question\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>What is the difference between assignment and transfer of lease?<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong> <p class=\"schema-faq-answer\">There is no difference between assignment and transfer of a lease. Both describe the transfer of a tenant\u2019s rights and obligations under their lease to another party.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1606989773267\"><strong class=\"schema-faq-question\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Can a lease be transferred to another person?<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong> <p class=\"schema-faq-answer\">You can transfer a lease to another person if a clause does not prohibit it, and you have the consent of your landlord.<\/p> <\/div> <\/div>\n\n\n\n\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"ed19fd34f0\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/1725\" \/>            <input value=\"https:\/\/legalvision.co.nz\/property-and-leasing\/how-to-assign-a-commercial-lease-in-new-zealand\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"How Do I Assign a Commercial Lease in NZ?\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you wish to leave your commercial lease and have another business take it over, you may want to assign your lease. When assigning or transferring your lease, you must do so correctly and following the terms of your tenancy agreement. If not, you could risk breaching a condition of your lease. This article will<a href=\"https:\/\/legalvision.co.nz\/property-and-leasing\/how-to-assign-a-commercial-lease-in-new-zealand\/\">Continue reading <span class=\"sr-only\">&#8220;How Do I Assign a Commercial Lease in NZ?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13234,"featured_media":96,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[11],"tags":[24,25,54,91,283],"class_list":["post-1725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-and-leasing","tag-startup","tag-small-business","tag-medium-business","tag-commercial-lease","tag-lease-assignment"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Do I Assign a Commercial Lease in NZ? | LegalVision New Zealand<\/title>\n<meta name=\"description\" content=\"Are you looking to transfer your commercial lease to another business? 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