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What are the steps in the lease extension process? Step 1 ? Inform the freeholder of your desire to extend the lease and that you will be pursuing the statutory route. ... Step 2 ? Appoint a lease extension solicitor with expertise in the field and who is a member of the Association of Lease Extension Practitioners (ALEP).
A lease extension is a contract between parties (usually just the freeholder and the leaseholder) that adds a continuation period to a long-lease and replaces the current lease with a new one. The contract sets out the dates on which the lease extension begins and ends along with any new terms.
To extend a commercial lease, the tenant must serve a formal notice to the landlord, known as a Section 26 notice or a Section 42 notice, depending on the circumstances.
Most landlords in California require advance notice of at least six months before the expiration of the current lease term. As long as you haven't breached the agreement, and you send in your notice to renew exactly as outlined in your lease, you can renew your lease. The landlord cannot waive the provision.
Lease Extension Request for [Rental Address] Currently, the lease is set to expire on [date]. I would like to amend that date to end on [new date]. I propose to pay you the prorated amount of [extension rent amount] for the additional days that I will occupy the property.