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.
Novation Of Lease Agreement for the United Kingdom
Create a bespoke document in minutes, or upload and review your own.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Get your first 2 documents free
Your data doesn't train Genie's AI
You keep IP ownership of your information
Key Requirements PROMPT example:
Novation Of Lease Agreement
"I need a Novation of Lease Agreement to transfer our commercial office lease at 123 High Street, London to our subsidiary company, with the transfer to take effect from 1 March 2025, and we need to include provisions for the existing guarantor to be released."
Your data doesn't train Genie's AI
You keep IP ownership of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let ¶¶Òõ¶ÌÊÓƵ's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
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
Authors
Relevant legal definitions
Clauses
Relevant Industries
Relevant Teams
Relevant Roles
Find the exact document you need
Partial Novation Agreement
An England & Wales legal document transferring select contract rights and obligations to a new party.
find out more
Novation Of Promissory Note
An England & Wales document transferring promissory note rights and obligations to a new party.
find out more
Novation Of Lease Agreement
An England & Wales legal document transferring lease obligations to a new tenant, releasing the original tenant.
find out more
Novation Employment Contract
An England & Wales legal document transferring employment rights and obligations between employers with consent.
find out more
Novation And Amendment Agreement
An England & Wales agreement transferring and amending contractual obligations during corporate restructuring or business acquisitions.
find out more
Assignment And Novation Agreement
A legal document under English and Welsh law that enables the transfer of contractual rights and obligations between parties, either through assignment or novation.
find out more
³Ò±ð²Ô¾±±ð’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ³Ò±ð²Ô¾±±ð’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)