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By definition, a lease renewal is a new lease agreement, whereas a lease extension is a continuation of the original lease agreement. Generally speaking, the practical effect of either is that the parties to the lease continue the landlord-tenant relationship beyond the expiration of the original term of the lease.
Your rights as a tenant when a lessor proposes changes to your lease depend on whether you have an option to renew when the lease expires.That is, a new lease is created, and both parties are legally bound to that agreement. Until both parties sign the new lease, there is only an 'agreement to lease'.
The letter should state the name, address and contact details of the tenant and the landlord. It should be dated according to any agreement for extension. For example, leases are usually extended or discontinued one or two months before the expiry date.
We recommend offering your tenant a lease renewal 90 days before the lease expires. You can offer in-person, send via email, or send a letter. The goal is to receive a reply within 30 days so that you have at least 60 days to find a new tenant if your current tenant declines the renewal offer.
Dear Name of Landlord: This letter is a formal request to renew the lease on the property at the above address for another year. The lease expires on DATE and I would like to renew it until DATE.
Contract extension: an existing contract is continued for a period of time.Contract renewal: an existing contract endsby, for example, expiringand the parties agree to enter into a new contract (usually for the same or very similar services).
Typical cost to extend lease on £200,000 flat by 90 years. Typical cost to add 90 years to a lease, cost based on Leasehold Advisory Service data. Costs are per flat and can vary dramatically. Based on a A£200,000 flat (A£200,000 is its value with 999 year lease) with A£200 annual ground rent.
Renewing a lease locks a tenant in so a landlord knows (if all goes to plan) that they will receive rent for a predictable period of time. Likewise, as the PM, it means your revenue is also guaranteed to remain stable because you only get your cut, when the landlord gets their rent!
Most leasing companies are happy to extend an expiring lease, which can give you some breathing room and time to make the right vehicle choice. Some lenders will allow for a simple month-to-month extension.