Addendum To Lease Extension

1Find a solicitor. The Leasehold Advisory Service lists solicitors specialising in the field.2Value the lease. Professional valuation advice is crucial.3Negotiate the price. Your solicitor may approach the freeholder informally first.4Apply to a tribunal.

Find a solicitor. The Leasehold Advisory Service lists solicitors specialising in the field. Value the lease. Professional valuation advice is crucial. Negotiate the price. Your solicitor may approach the freeholder informally first. Apply to a tribunal.

Many leases provide the tenant with an option to renew or extend the lease term beyond the expiration of the initial term.By definition, a lease renewal is a new lease agreement, whereas a lease extension is a continuation of the original lease agreement.

Start the conversation. Know what your apartment is worth. Learn something, even one small thing, about the market that works in your favor. Show off what a great tenant you are! Try to extend your lease. Offer money up-front. Provide services for the home or building. Come up with some requests.

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.

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'.

Instead of following the statutory path of extending the lease, you may be able to negotiate the terms informally with your landlord. This could not only help save time, but also money. However, you'll still need to engage a solicitor to draw up the contracts and you may want to take legal and valuation advice as well.

When the leasehold expires, the property reverts to a freehold property, where it is under the ownership of the freeholder in addition to you no longer having the right to stay there.

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).