Indiana Commercial Lease Extension
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How to fill out Commercial Lease Extension?
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FAQ
Can the contractual term of a commercial lease be extended? Yes. Subject to satisfying certain criteria, business tenants have a statutory right under the Landlord and Tenant Act 1954 to extend the contractual term of their lease. At the end of the lease, the tenant can ask the landlord for a new lease.
Commercial tenants usually remain in a property when a lease has expired because they are still negotiating the terms of a new, renewed lease with the landlord or they have an informal agreement to stay on.
In general is best to extend the lease before it reaches 80 years or below because some lenders require a certain number of years before they are prepared to lend. When a lease drops below 80 years the premium to extend the lease increases because marriage value becomes payable.
A lease extension is an acquisition of a term of years in property so, generally speaking, Stamp Duty Land Tax (SDLT) will be payable on all lease extensions where the premium exceeds the minimum threshold of £125,000.
If you decide to try to negotiate a lease extension, there are no rules and your landlord could refuse to extend your lease, or set whatever terms they like.
Call the lender through which your lease was initiated. Explain that you'd like to extend your current lease with the same payments, terms, and conditions. You will sometimes be given an option as to what kind of extension you want/how long it will be. Usually, extensions are offered for up to 12 months.
Generally, you will be a qualifying tenant, if your lease was more than 21 years when was originally entered into and you have owned your flat for 2 years. However, even though you may be a qualifying tenant under the law, there may be other restriction that may prevent you from extending your lease.
Commercial tenants usually remain in a property when a lease has expired because they are still negotiating the terms of a new, renewed lease with the landlord or they have an informal agreement to stay on.
Currently, leaseholders of houses can only extend their lease once, by a 50-year period, while leaseholders of flats can extend leases as often as they wish for a 90-year period.
As already mentioned, business tenants will generally have the right to continue their tenancy agreement when it expires, but under certain extreme cases landlords do have the power to refuse to renew a lease.