Licence to under-let

This document is a draft licence to under-let.

The licence contains fresh guarantee covenants to be entered into by any new guarantor offered to support the under-tenant's liabilities. The assumption is that the under-lease will be contracted-out of the security of tenure provisions of the 1954 Act, and so appropriate provisions are included.

Before using this precedent document, it is advisable to read the accompanying drafting notes.