sublease

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sublease

The relationship created when a tenant rents some or all of its premises to another for some or all of the remaining term of the original tenant's lease. Technically, if the tenant transfers all of its interest, that is an assignment. If the tenant retains some of the space, or some of the time under the lease, that is a sublease. At all times, the tenant remains liable under its lease with the building owner.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Business owners in the state who sub-let their trade licences to foreigners will be blacklisted, Johor Consumerism, Human Resource and Unity committee chairman S.
"If the leasing of 56A Plasmawr Road represented best value, then I would suggest that anybody, anywhere grab as many commercial leases as possible, pay small premiums and then sub-let happily for 99 years.
Alternatively winner can sub-let the holiday home (either privately or through South Lakeland Parks @ 20% commission); Sell the holiday home (through South Lakeland Parks @ 15% commission); Relocate the holiday home to another holiday park or elsewhere (pounds 750+VAT disconnection fee); or transfer ownership to an immediate family member (pounds 150+VAT transfer fee).
The Audit Commission believes that up to one in 20 homes in inner-city areas like Merseyside may be unlawfully sub-let.
A A number of older leases have restrictions preventing the properties from being sub-let.
O'Rourke told them she said she had sub-let the room to a man called Marco, who claimed he was going to set up a gym, and had received two rental payments.
She claims more than any other AM in Wales for her constituency office, which she sub-lets from the Lib Dems.
But when news of a sixth sub-let emerged, McLeish announced his resignation.
Earlier this week, in a clear-the-air press conference, Mr McLeish said five tenants had sub-let rooms at his constituency office in Glenrothes, Fife, while he was an MP, paying a total of more than pounds 36,000 in rent.
A brand-new office building in the heart of phase one of the Waterfront Wakefield development has been let to Wakefield Council at pounds 15 per sq ft and sub-let to mail order company Redcats UK.
They take out a tenancy and then sub-let to multiple occupants.