Assigning a commercial lease

How easy is it to assign your commercial lease to another party? Suppose you want to sell your business to someone and, as part of the deal, they are going to take over the existing lease. The ease with which you can transfer, or assign, your lease hinges on the specific provisions contained in the lease. Most leases contain wording which requires that you obtain the landlord’s consent to an assignment. Sometimes, the lease stipulates that this consent cannot be unreasonably withheld (meaning that the refusal cannot be arbitrary). Landlords, not surprisingly, want to know something about the potential assignee- credit history, business experience, etc.- before they agree. 

Sometimes, however, the lease provides that consent can be unreasonably withheld. Needless to say, if you’ve got a lease where the landlord can simply refuse to approve an assignment, your options are limited.