Easily Remove Smart Field from the Lease Renewal

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How to Remove Smart Field from the Lease Renewal

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this is bigger pockets daily the no excuses everyday audio version of the worlds number one real estate blog im tyler and each day i read you short digestible articles from biggerpockets.com you can scroll through the catalog and see which titles catch your eye or just make this a part of your daily ritual [Music] the ultimate guide to lease renewals by remin okarua renewing leases with great tenants takes much of the stress out of being a landlord lease renewals are excellent for cash flow to keep your landlord business profitable however its not always worth renewing a lease with a tenant in some cases taking the time to find a new tenant for your property is a better option generally lease renewals are essential for the success of your property management business it is a straightforward process that can benefit both you and your tenant to ensure there are no issues along the way we have created the ultimate guide to lease renewals for you why are lease renewals essential lets s

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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What is a section 42 notice?

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.

Can you exclude security of tenure?

It is possible to exclude Security of Tenure from a lease so dont get caught up in the Act when you do not want to.

What is security to tenure?

In summary, security of tenure is the tenants statutory right under the Landlord and Tenant Act 1954 to be granted a new lease of their business premises once their current lease expires. This statutory right can be contracted out, in other words the tenants statutory right to a new lease can be excluded.

What rights do commercial tenants have without a lease UK?

Commercial tenants may have the protection of the Landlord and Tenant Act 1954. The Act grants Security of Tenure to tenants who occupy premises for business purposes. The tenancy will continue after the contractual termination date until it is ended in one of the ways specified by the Act.

What is a simple declaration to exclude security of tenure?

The Simple Declaration is made in response to the Landlords Notice to Exclude Security of Tenure. In it, the tenant confirms that it has received and read the Landlords Notice and accepts the consequences of entering into a lease with no security of tenure.

Will marriage value be abolished?

Marriage value will be removed from the premium calculation. The calculation rates will be set and an online calculator will be available to make it simpler for leaseholders to find out how much it will cost to buy the freehold or extend the lease.

How much does it cost to amend a lease?

The cost for a licensed solicitor to Amend a Lease is dependent on many factors including the complexity and specific requirements of the case. On average it is expected to range from 400-600 but in some cases it could cost as much as 1,000.

Do I have security of tenure?

Security of tenure only applies to a Tenant who is in occupation of premises used for the purpose of a business. The tenancy must be for a term of more than six months and must not fall into any other exclusion stated in the LTA 1954.

What is excluded from the 1954 Act?

From a landlords perspective the main benefit of excluding security of tenure under the Landlord and Tenant Act 1954 (the Act) is that at the end of the lease, the tenant has no right to remain in the property or to compensation and the landlord is given automatic possession.

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