Change period in the Lease Extension Agreement

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How to Change period in the Lease Extension Agreement

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can a landlord give you a notice of non-renewal of your lease ill provide the answer and thats the topic of this video [Music] hello again everyone im attorney robert flecis if this is your first time here you might want to subscribe right now because if you do youll know where to find me to get answers to your legal questions a landlord can give you notice to not renew your lease but there are different situations that may or may not allow that the first situation is a month-to-month tenancy lets say you had a one-year lease and after a year expires your lease converts to a month-to-month tenancy your landlord decides then not to renew your lease it gives you a notice to vacate and like i said before they can do that but you need to look at the terms of the original lease some leases require the landlord to provide for example a 60-day notice to terminate your tenancy even if youre currently on a month-to-month basis some leases are silenced on the notice period if thats the ca

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What is a Section 42 lease extension?

A Section 42 Notice is a formal request from a leaseholder to the freeholder or landlord (or both) and any other appropriate party to extend their lease on a property. This provides a leaseholder with an extension of 90 years on top of the remaining lease term and a ground rent reduced to zero.

Why do I need a lease extension?

As the lease gets shorter and the number of years goes lower, the value of the lease decreases and it becomes more expensive when you extend the lease. This is why it is often a good idea to increase the term of the lease especially if you want to sell the property.

How do you extend a lease agreement?

Process for lease extension Check whether youre eligible to extend the lease on your property. Inform the freeholder that you intend to apply for a lease extension via the statutory route. Appoint a solicitor for your case. Get a full valuation for your leasehold property.

What is an extension of lease clause?

A lease extension can apply to residential or commercial real estate properties. It allows tenants to remain on premises after their original lease has recently expired. A lawyer should review this agreement to ensure that it is fair and legally binding for both parties.

How long does a lease extension last?

In total the formal lease extension process can take anywhere from 2 to 12 months to complete the lease extension and then 3 to 12 months before the new lease is registered at the Land Registry. This is why many leaseholders link the lease extension into a sale and pass on the legal rights to extend to the new buyer.

What is an option to extend the lease term clause?

An option to renew or extend the lease means that upon the tenants exercise of the option (choice), the provisions of the agreed-upon option are adopted for another defined term. The terms of the option can include the length of the new term, a change in rent, and other modifications.

What are the two ways of lease extension?

There are two ways to get a lease extension: The first is to serve a notice claiming your legal right, known as a statutory or formal lease extension. The second is to simply agree a deal with your freeholder, known as an informal lease extension.

What is the difference between renewal and extension of lease?

The distinction between extension and renewal is chiefly that in the case of renewal, a new lease is required while in the case of extension the same lease continues in force during the additional period by the performance of the stipulated act.

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