Exercising Option To Renew Lease Nsw
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FAQ
Options are usually required to be exercised by writing to the Landlord or the Managing Agent and specifically saying that you are exercising the option. You should always refer to the option clause of your Lease to ensure that you are following the correct procedure and format.
An 'option to renew' is a contractual right that is given to the Tenant to obtain an additional term for the lease if the Tenant so chooses. For instance, if the Tenant has a lease for the period of three (3) years with an additional three (3) years option, the total term of the lease can be perceived as six (6) years.
An option to renew or extend the lease means that upon the tenant's exercise of the option (choice), the provisions of the agreed-upon option are adopted for another defined term. The terms of the option can include the length of the new term, a change in rent, and other modifications.
Here's what to know if you are negotiating your lease renewal.Understand how market-rate units work.Your track record matters.Stay calm, and ask politely.Do your research.Get intel from your neighbors.Small landlords more willing to negotiate.Consider asking for an upgrade.More items...?
Notify the landlord (or its agent) whether they want to exercise the option during a specified window of time. This is usually around six or three months before expiry, depending on the lease. Further, this notice is usually given in writing; comply with any of the pre-agreed criteria for the renewal to go ahead.
