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It is not always a simple matter of a tenant taking a lease direct from the property owner (the freeholder). Take the following situation:

An investor owns the freehold of the building

A tenant takes a lease from the freeholder

A second tenant later takes on this lease from the original tenant, becoming the assignee and assuming the responsibilities of the original lease

The assignee later grants a sub-lease over surplus parts of the building to a sub-tenant.

In practice the chain may be far more complex than this. Needless to say, nobody down the chain can grant a lease longer than their own.

As a prospective tenant, you might be negotiating a new lease with the freeholder. On the other hand you might be entering the chain lower down and taking an assignment of an existing lease, or perhaps a sub-lease.

With the new lease you can negotiate the terms to match your needs (though you will not necessarily get everything you want!). With an existing lease you will be bound by existing conditions and you have to decide before signing whether you can live with these or not.

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