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Transferring Ownership of Community
(lemmy.world)
Welcome to the official Lemmy.world Support community! Post your issues or questions about Lemmy.world here.
This community is for issues related to the Lemmy World instance only. For Lemmy software requests or bug reports, please go to the Lemmy github page.
This community is subject to the rules defined here for lemmy.world.
You can also DM https://lemmy.world/u/lwreport or email report@lemmy.world (PGP Supported) if you need to reach our directly to the admin team.

I figured it out. On the old account, after appointing a new mod, transfer community appears from the same menu. Note that these options appear from the extended menu while viewing a particular post made by the new mod, not from the feed of posts.
After that, leave as mod appears on the community page.