Updated October 2026 · Fraser Bond
Leases · Exit
Handing your lease to someone else
Assignmenttransfer the lease
Consentfrom the landlord
AGAguarantees
Residential2026 changes
In short: Assignment means transferring your lease to a new tenant, who takes over your obligations. It is common for commercial leases, which usually allow assignment with the landlord's consent (not to be unreasonably withheld), often with an authorised guarantee agreement (AGA) from the outgoing tenant. For most residential tenancies in England, since May 2026 tenants can simply end a periodic tenancy with two months' notice, so assignment is rarely needed. Fraser Bond can help find replacement tenants and advise landlords.
| Assignment | Subletting | |
|---|---|---|
| What happens | New tenant takes over the lease | You stay the tenant; someone occupies under you |
| Landlord consent | Usually required | Usually required |
| Your liability | May continue under an AGA | Continues in full |
Assignment vs subletting
Assigning a commercial lease
1
Check the leaseFind the assignment clause and conditions.
2
Find an assigneeMarket the lease.
3
Apply for consentProvide the assignee's financials and references.
4
Agree termsLicence to assign; AGA if required.
5
CompleteLegal transfer and handover.
How Fraser Bond can help
- Marketing your lease to find an assignee
- Advising landlords on consent
- Letting vacant space
- Lease management
Frequently asked questions
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Can my landlord refuse an assignment?
In many commercial leases, consent can't be unreasonably withheld.
What is an AGA?
An authorised guarantee agreement, where the outgoing tenant guarantees the new tenant.
Do residential tenants need to assign?
Rarely now; most can give two months' notice.
