Lease option change

My friend and I (lessees) together had a lease with option to purchase. Together we have exercised the option, but my friend has now decided not to go through with the purchase. This is fine with me, but I'd like to know how to legally go about documenting this change.

1) Can my friend simply sign a statement that he is assigning his option to me?

2) If so, does there need to be any consideration paid to me for the assignment to be valid?

3) Do the sellers (lessors) need to be involved or notified?

I'd like to straighten this out before I apply for the loan.

Thanks.

[HomeGuru]

First hire an attorney to review the lease option contract.