The License To Assign Leasehold is a fundamental document in Hong Kong's property transaction landscape, where leasehold properties dominate the market. This document is required whenever a tenant wishes to transfer their lease to another party, as most leases contain provisions requiring the landlord's prior written consent for any assignment. The license formally documents the landlord's consent and sets out the conditions under which the assignment may proceed. It typically includes details of the existing lease, information about all parties involved, specific conditions for the assignment, and any additional requirements such as guarantees or deposits. The document must comply with Hong Kong's property laws, particularly the Conveyancing and Property Ordinance and the Landlord and Tenant (Consolidation) Ordinance. It serves to protect the landlord's interests while facilitating the tenant's ability to assign their lease, making it an essential tool in both commercial and residential property transactions.
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1. Parties: Identifies all parties to the agreement: Landlord (Licensor), Current Tenant (Licensee), and proposed Assignee
2. Background: Recitals explaining the existing lease arrangement, the tenant's desire to assign, and the requirement for landlord's consent
3. Definitions: Defines key terms used throughout the document, including Property, Lease, Assignment, Completion Date
4. Grant of License: The formal consent of the landlord to the proposed assignment, subject to conditions
5. Conditions: Specific conditions that must be satisfied before the assignment can proceed
6. Assignee's Covenants: Direct covenants from the assignee to the landlord to observe and perform the lease obligations
7. Tenant's Warranties: Warranties given by the current tenant regarding the lease and property
8. Completion Requirements: Requirements for completing the assignment, including timing and documentation
9. Costs and Stamp Duty: Provisions regarding who bears the costs of the license and assignment
10. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and Hong Kong courts' jurisdiction
1. Security Deposit Arrangements: Used when there are specific arrangements regarding the transfer or replacement of security deposits between current tenant and assignee
2. Guarantee Provisions: Required when the landlord requires a guarantee for the assignee's obligations
3. Conditional License: Added when the license is subject to specific conditions precedent
4. Real Estate Agent Declarations: Required when real estate agents are involved in the transaction
5. Break Clause: Optional provision allowing the landlord to revoke the license under specific circumstances
1. Schedule 1 - Property Details: Detailed description of the property including address and registered details
2. Schedule 2 - Lease Details: Key details of the existing lease including date, parties, and term
3. Schedule 3 - Assignment Conditions: Specific conditions and requirements for the assignment
4. Schedule 4 - Required Documentation: List of documents required for completion of the assignment
5. Appendix A - Form of Assignment: Prescribed form of the deed of assignment to be used
6. Appendix B - Guarantee Agreement: Form of guarantee agreement if required
Relevant legal definitions
Agreement
Assignment
Assignment Date
Assignee
Completion
Completion Date
Consent
Existing Lease
Landlord
Land Registry
License
License Fee
Licensee
Original Lease
Permitted Use
Premium
Property
Property Management Company
Rent
Security Deposit
Stamp Duty
Solicitors
Tenant
Term
Transaction Documents
Transfer Date
Vacant Possession
Assignment
Assignment Date
Assignee
Completion
Completion Date
Consent
Existing Lease
Landlord
Land Registry
License
License Fee
Licensee
Original Lease
Permitted Use
Premium
Property
Property Management Company
Rent
Security Deposit
Stamp Duty
Solicitors
Tenant
Term
Transaction Documents
Transfer Date
Vacant Possession
Clauses
Consent
Assignment Conditions
Representations and Warranties
Covenants
Completion Requirements
Financial Obligations
Security Deposit
Costs and Expenses
Stamp Duty
Registration
Notices
Compliance
Property Management
Insurance
Indemnification
Default and Remedies
Assignment Restrictions
Time of Essence
Severability
Entire Agreement
Governing Law
Jurisdiction
Confidentiality
Force Majeure
Execution
Assignment Conditions
Representations and Warranties
Covenants
Completion Requirements
Financial Obligations
Security Deposit
Costs and Expenses
Stamp Duty
Registration
Notices
Compliance
Property Management
Insurance
Indemnification
Default and Remedies
Assignment Restrictions
Time of Essence
Severability
Entire Agreement
Governing Law
Jurisdiction
Confidentiality
Force Majeure
Execution
Relevant Industries
Real Estate
Commercial Property
Residential Property
Retail
Office Space
Industrial Property
Hospitality
Legal Services
Property Management
Relevant Teams
Legal
Real Estate
Property Management
Facilities Management
Asset Management
Compliance
Operations
Administration
Tenant Relations
Contract Management
Relevant Roles
Property Lawyer
Real Estate Manager
Leasing Manager
Property Manager
Legal Counsel
Tenant Relations Manager
Asset Manager
Facilities Manager
Commercial Director
Real Estate Agent
Property Administrator
Compliance Officer
Contract Manager
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