Transferring an Alphabet business lease: how novation works and what it costs

Alphabet, BMW Group's fleet funder, offers novation of business leases. Who can take one over, the documents needed, the fee and how long it takes.

Alphabet is BMW Group's fleet leasing company and funds many business leases on BMW, MINI and other makes. Unlike some funders, Alphabet publishes how it transfers an agreement to another business. That makes it one of the more straightforward funders to work with if you need to hand a lease on.

How an Alphabet novation works

Alphabet calls a transfer a novation: your agreement is replaced with a new one in the incoming business's name, after Alphabet has credit-checked that business. Once it completes, your company is no longer liable.

The incoming business normally needs to provide:

• Its latest full accounts, or an opening balance sheet if it's newly formed
• A director's name, date of birth and home address for Alphabet's anti-fraud checks
• Possibly a director's guarantee, if Alphabet asks for one

Who can take over an Alphabet lease

Alphabet only novates between limited companies, unlimited companies and partnerships of four or more partners. Because of FCA rules, sole traders and smaller partnerships can't take over or hand on an Alphabet lease, and a business lease can't be turned into a personal one.

What it costs and how long it takes

• Alphabet's fee: £250 + VAT for one vehicle, and £25 + VAT per vehicle when two or more are transferred together.
• Timescale: allow up to about six weeks for the paperwork.

If you'd rather end the agreement, Alphabet's early termination quotes take the car's market value into account and are valid for 28 days.

How to transfer an Alphabet lease with Swap-a-Lease

1. Check the incoming business will meet Alphabet's rules (a limited company, for example).
2. List the lease for £39.99. Your details stay hidden until a business registers interest.
3. We connect you with interested businesses through Swap-a-Lease and you agree the handover.
4. The new business applies to Alphabet for the novation.
5. A success fee is only due if the transfer completes: two months' rental if 12 or more months remain, or one month's if fewer.

Next step

Compare Alphabet with other funders in our Funder Fees table, or list your Alphabet lease today.

Based on Alphabet's published Partner FAQs on novation and its guidance on ending a contract early, checked in November 2026. Alphabet's terms can change, so confirm with Alphabet before you proceed.