Cutting through complexity: How Greenwoods saved TGF Ltd both time and money.

We were instructed to assign a commercial lease for the first-floor offices at 17-19 D’Arblay Street, London W1F 8EB. We acted for the assignor (outgoing tenant).

The client wanted to exit its lease before it expired, and we found a replacement occupier to take over the premises and assume the tenant’s obligations under the lease. The lease runs until 2029. With an upcoming deadline and multiple parties involved, the matter required careful coordination throughout.

We completed a licence to assign and deed of assignment. There were three parties (landlord, us and the new tenant), so there were three sets of solicitors.

Sarah Jasper-Baker, Co-Founder & CEO said:

“We were exiting our Soho office with three years still to run and wanted a clean assignment, with no tail of liability we hadn’t understood and budgeted for. Jennifer took it from heads of terms through to completion.

She was excellent to work with. Quick to respond, and she explained the things that actually mattered in plain terms rather than leaving us to find them in a report. Where she thought a point wasn’t worth pushing, she said so and told us why. That saved us time and money, and I’d take that judgement over a lawyer who argues everything.

It wasn’t a simple deal. Three sets of solicitors, a newly incorporated assignee that wasn’t yet VAT registered, apportionments and a rent free contribution to work through, and a completion date that moved more than once. Jennifer kept it moving and kept us straight on what each change did to the numbers.

The outcome was exactly what we wanted. Completed in August, lease assigned, and the space and its running costs off our books.

Nothing really surprised me, although the VAT and apportionment side took more unpicking than I’d expected on what looked like a straightforward assignment. Next time I’d bring our accountant into that part of the conversation earlier rather than halfway through.

And yes, I’d recommend Jennifer and Greenwoods without hesitation.”

Jennifer comments:

“It was a pleasure working with TGF Group Ltd on this lease assignment and helping them achieve a smooth transition from their premises.  We look forward to continuing to support TGF Group Ltd as their property portfolio evolves.”