I need some help on the grant of an underlease by an existing tenant. Mainly concerned with procedural aspects and checks I need to carry out.

Would appreciate some assistance.
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Are you the head landlord in this instance and is it commercial or domestic property?
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This is a commercial property
The existing tenant has a 15 year lease
It is a shop which is being retained 2/3 by the existing tenant
The existing tenant is sub letting , under leasing 1/3 of the shop on a 5 year lease to the incumbent

The existing lease has the following clause:

" The tenant has full right to assign charge underlet or part with or share possession of the whole or any part or parts of the Property"

My question is:

What is the process for underletting
Is there a requirement to draw up a new lease/contract between existing tenant and the undertenant
What precautions are necessary
Anything pertinent to consider


Regards
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I would be very suprised if the lease did not also mention the fact the head landlord has to approve any assignment or under lease.

There is normally a requirement in the lease for the under lease or assignment of part to be approved by the head landlord and if not ( which would be the first one I had ever seen!) then the tenant should for their own protection have the under lease or assignment of part drawn up by their lawyers.

Their lawyers will need to see the whole lease and a plan of the building to determine any issues that may cause problems. This would include personal guarantees, rent deposit deeds etc to secure the tenants and the landlords position. The under lease also would restrict the sort of business, the numbers to occupy, outlining responsibilities etc including penalties, breaches and requirements to pay other charges on times. This list is endless and one that is discussed at the time you draw up the new documentation.
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Thank you for all the assistance received
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