A Novation Of Lease Agreement is used when a tenant wishes to transfer their entire interest in a lease to another party in England and Wales. Unlike an assignment, which only transfers the benefits of the lease, a novation creates a new contractual relationship between the landlord and the new tenant while completely releasing the original tenant from their obligations. This document is particularly important in commercial leasing situations where a clean break is desired, and all parties agree to the substitution of the new tenant. It must comply with English property law requirements and typically requires careful consideration of existing guarantees, securities, and outstanding obligations.
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1. Parties: Identifies all parties to the novation (original landlord, original tenant, new tenant)
2. Background: Sets out details of original lease and reason for novation
3. Definitions: Defines key terms used in the agreement including Original Lease, Property, Novation Date
4. Novation: Core provisions effecting the novation and transfer of rights and obligations
5. Release of Original Tenant: Provisions releasing original tenant from obligations under the lease
6. Assumption by New Tenant: New tenant's assumption of lease obligations and compliance requirements
7. Continuation of Lease: Confirmation that lease continues in full force and effect
8. Execution: Signature blocks for all parties and any required witnesses
1. Landlord Consent: Required if original lease mandates landlord consent for novation
2. Guarantor Provisions: Required if there are guarantors involved in either the original lease or new arrangement
3. VAT Provisions: Required if property is elected for VAT or there are VAT implications
4. Costs: Required if parties wish to specify responsibility for costs of novation
5. Registration Requirements: Required if the lease is registered at the Land Registry and needs updating
1. Schedule 1 - Original Lease: Copy or details of the original lease being novated
2. Schedule 2 - Property Details: Description and details of the leased property
3. Schedule 3 - Outstanding Obligations: List of any outstanding obligations, breaches, or arrears
4. Schedule 4 - Consent Requirements: Details of any required consents and their status
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