underlease


Also found in: Legal, Wikipedia.
Related to underlease: sublease, lessee

underlease

n
a sublet
vb
(tr) to rent out by a sublet
References in periodicals archive ?
In accordance with the terms of the underlease flats can now be resold as 3 years from the date of original purchase.
Simultaneously it will enter into a 20-year "underlease" with Liverpool CSC Ltd, a company related to Circus developer Augur.
The council's cabinet agreed to take out a 25-year underlease from the leisure centre's operators, gaming giants Genting Stanley.
The council will also have its "underlease" boosted from three years to 12.
Presumably the company succeeded in buying the estate because, in 1881, it granted the racecourse company a licence permitting it to "underlease" land to the London and South Western Railway Company, noting that the racecourse company, "for the purpose of affording increased railway accommodation for the traffic to the Park during the race and other meetings are desirous of having sidings, platforms and other erections suitable for the purpose constructed".
Simultaneously, it will enter into a 20-year "underlease" with Liverpool CSC Ltd, a company related to Circus developer Augur.
This disposal, which is conditional upon FCA approval and landlord's consent to the granting of an underlease, will enable Charles Stanley to focus on its wealth investment management activities whilst enabling EBS to become part of a group that specialises in SIPP and SSAS pension administration.
Under the respective underlease that a CBS signed with its members, CBS members have the right to use the flats but do not possess the legal titles to them.
The letter reads: "The request from you as underlessee and prospective assignee to vary the terms of the underlease so that a rent passes between the head lessee and the underlessee is within the discretion of the Council to consent to or not as it would vary the protection for Coventry Rugby Limited previously secured.
Sub-letting occurs when the tenant grants an underlease out of the tenant's own lease with the landlord.
If you are a landlord granting a new lease, an owner selling your property or a tenant granting an underlease or transferring your lease to a third party, you must provide an energy performance certificate to the other party to the transaction.
He was required to issue an underlease to the Rugby Club, securing its future - the sole reason the council issued the original lease.