An AGA is an agreement, a written binding document, obligating the outgoing tenant to remedy the breaches of the incoming tenant, should a breach occur, when a lease is assigned. The outgoing tenant will be liable for the following:
- any unpaid rent
- any unpaid insurance
- any unpaid service charge
- any repair work not carried out
- any other terms of the lease breached by the current tenant including:
- the taking of a new lease (by the outgoing tenant) for the remainder of the duration of the current lease should the current lease be forfeited or
- the marketing costs of the property including the payment of the void period generally not exceeding 6 months or reletting of the property, whichever is sooner
- the legal costs of the landlord in dealing with the above.
Landlords are obligated by law not to unlawfully refuse any request made by a tenant who seek the Landlord’s consent to assign. The lease will more often than not allow the Landlord to stipulate the above conditions in an agreement allowing the Tenant to assign the lease. With decades of experience, we here at TV Edwards are here to ensure your rights as Landlords are secured.
Please also see our Licence to Assign page as the Licence to Assign agreement and the AGA are generally complimentary documents.
Our Commercial Property Team offer a personal, friendly and professional service to all of our clients and will be able to assist you with your matter. If you have an enquiry and would like to speak with one of our specialist lawyers, please call us today on 0203 440 8000.