A License To Assign Lease is a mandatory requirement in Hong Kong when a tenant wishes to transfer their lease to another party. This document is essential in both commercial and residential contexts, as most Hong Kong leases prohibit assignment without the landlord's prior written consent. The license formally documents the landlord's permission and typically includes key information such as details of all parties involved, the existing lease particulars, conditions for the assignment, financial requirements, timeframes for completion, and any special conditions imposed by the landlord. It must comply with Hong Kong property law requirements and is particularly important for protecting the landlord's interests while facilitating the tenant's need to assign. The document often requires input from legal professionals and property managers to ensure all regulatory requirements are met and the parties' interests are properly protected.
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1. Parties: Identification of the Landlord, existing Tenant (as Assignor), and sometimes the proposed Assignee
2. Background: Details of the existing lease, including date, premises description, and current term
3. Definitions: Key terms used in the document, including 'Lease', 'Assignment', 'Completion Date' and 'License Fee' if applicable
4. Grant of License: The formal consent to assign and any conditions precedent
5. Conditions: Specific requirements that must be met for the assignment to proceed
6. Costs and Expenses: Allocation of legal and administrative costs related to the license and assignment
7. Time for Completion: Deadline by which the assignment must be completed
8. Effect of License: Confirmation that all lease terms remain in force and binding
9. Governing Law: Confirmation of Hong Kong law as governing law
1. Security Deposit Arrangements: Required when there are specific provisions about transferring or replacing the existing security deposit
2. Assignee Undertaking: Include when the assignee is a party to the license and must provide direct covenants to the landlord
3. Property Manager Provisions: Include when there are specific requirements from the property manager for processing the assignment
4. Guarantor Release: Required when there is an existing guarantor who needs to be released
5. New Guarantor Provisions: Include when a new guarantor is required for the assignee
6. Deed of Covenant: Required when the assignee must enter into a separate deed of covenant with the landlord
1. Schedule 1 - The Premises: Detailed description of the premises as per the existing lease
2. Schedule 2 - The Existing Lease: Details of the original lease and any supplemental deeds
3. Schedule 3 - Conditions Precedent: List of conditions that must be satisfied before assignment can proceed
4. Appendix A - Assignment Form: Prescribed form of the assignment deed to be used
5. Appendix B - Assignee Information: Required information about the assignee including financial references and business nature
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Relevant Teams
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Operations
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Relevant Roles
Property Manager
Legal Counsel
Real Estate Director
Facilities Manager
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Tenant Relations Manager
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