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Click ‘Get Form’ to open the Commercial Lease Extension document in the editor.
Begin by filling in the date of the agreement at the top of the form, followed by the names and addresses of both Lessor and Lessee. Ensure all corporate details are accurate.
In Section I, specify the new commencement and expiration dates for the lease extension. This is crucial for defining the new lease term.
Proceed to Section II to enter the revised rent amount and payment due date. Make sure these figures align with your agreement.
In Section IV, input any prorated rent amount that needs to be paid upfront. This ensures clarity on financial obligations from day one.
Finally, have authorized representatives from both parties sign and print their names along with their titles at the bottom of the document.

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How much does it usually cost to extend a lease?

How much to renew a lease on a flat: Breakdown of costs ItemTypical cost Item Lease extension premium Typical cost 6,000-8,000 Item Your valuation surveyors costs Typical cost 600-900 Item The freeholders valuation surveyors costs Typical cost 600-900 Item Your solicitors fees Typical cost 800-1,3002 more rows

Can you extend the term of a commercial lease?

Either the landlord or tenant can initiate the lease renewal procedure. The 1954 Act sets out a strict procedure and time limits for the service of notices, counter notices and a court application. The time limits are critical if they are missed, the right to renew the lease may be lost.

What is the longest you can extend a lease?

Some lenders will allow for month-to-month extensions, while others will want you to sign on for a predetermined period of timeusually six to twelve months. Lease extensions are rarely offered for periods of longer than one year.

What is the process for extending a lease?

You start the process by serving the tenants notice (section 42 notice) on the competent landlord. The competent landlord is the landlord whose interest in the property is long enough to be able to grant the 90-year extension that is, their interest is over 90 years longer than the time left on your lease.