Also found in: Dictionary.
References in periodicals archive ?
Innes England, acting jointly with Rogers Chapman plc, have successfully underlet 3,310 sq ft (308.
They provide: "If the demised premises or any part thereof be underlet.
The landlord gave its consent in principle for both but required completion of a licence to underlet and a licence to carry out works.
Tenants will need to consider the terms and whether they are able to assign the lease with the landlord's consent, underlet by finding a sub tenant, or exercise a break clause.
In turn, the NWDA will underlet the lease to Urban Splash, the company that has also transformed the Bryant and May Matchworks, in Garston, as well as old buildings in the city centre.
For many, the most obvious solution will be to underlet, bringing in another company to occupy their excess square footage, which in turn will enable them continue paying the landlord.
Section 19 of the Landlord and Tenant Act 1927 automatically adds to the covenant not to underlet without consent, the proviso that the consent should not be unreasonably withheld by the landlord.
The only way out then is to negotiate a lease surrender with the landlord, or to try to assign or to underlet, if that is permitted under the terms of the lease.
If your lease does require that you do not underlet at all and your solicitor knew that you intended to rent it out then you should ask for an explanation.
The lease contained a provision that the premises were not to be underlet in whole or in part.
Typically the landlord's lease will state that the tenant cannot assign or underlet the lease without the landlord's prior consent.
The tenant will require flexibility to change the use, especially where he wishes to underlet or assign the premises.