A deed of assignment can cover the transfer of ownership of property, rent and other assets.
In a lettings context this is the transfer of a tenancy.
This might follow a student dropping out and another replacing the “drop-out“.
A document called a Deed of Assignment is prepared, often by a solicitor (but need not be). This must be signed by each of the three parties: Landlord, original tenant(s) and substitute tenant.
In addition each signaturemust be witnessedverifying that the signature is that of the named party. The witnesses must provide their own signature and address in the event of a dispute as to the authenticity of a party signature.
The new tenant takes over from the old tenant usually releasing the original tenant.