New York Residential or Rental Lease Extension Agreement
About this form
The Residential or Rental Lease Extension Agreement is a legal document used to extend an existing lease between a landlord and tenant. Rather than creating a new lease, this extension continues the terms of the previous agreement, allowing the parties to maintain their contractual relationship while potentially modifying specific conditions, such as rent. This form is essential when the landlord and tenant agree to extend their current leasing terms without needing to draft an entirely new lease document.
Form components explained
- Identification of parties: Names of the landlord and all tenants involved in the lease agreement.
- Previous lease details: Information about the existing lease, including its start and end dates.
- Extension term: New term of the lease, including start and expiration dates.
- Revised rent payments: Specified amount of rent, payment schedule, and any prorated amounts due.
- Signatures: Signatures of all parties, confirming their agreement to the extension.
When to use this form
This lease extension agreement should be used when a landlord and tenant wish to continue their rental arrangement beyond the original lease term. Common scenarios include when both parties are satisfied with the current lease conditions and want to maintain continuity without renegotiating a new lease. This form is also useful when tenants need more time to secure a new place while remaining in their current residence.
Who can use this document
- Landlords who wish to extend the lease with current tenants.
- Tenants who want to continue their rental agreement without changes to the original terms.
- Individuals involved in a rental agreement who may need to revisit or modify rent terms.
Instructions for completing this form
- Identify the parties involved by entering the names of the landlord and tenants.
- Specify the details of the previous lease, including its start and end dates.
- Enter the new lease extension dates in the appropriate fields.
- Decide and input the revised amount for monthly rent and the due date.
- Have all parties review and sign the form to validate the agreement.
Notarization requirements for this form
Notarization is not commonly needed for this form. However, certain documents or local rules may make it necessary. Our notarization service, powered by Notarize, allows you to finalize it securely online anytime, day or night.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes
- Leaving out signatures or incorrectly identifying parties involved in the lease.
- Failing to enter the correct dates for the previous and new lease terms.
- Not specifying the revised rent amount or ignoring details regarding prorated rent.
Advantages of online completion
- Convenience of downloading and printing the form at any time.
- Editability to customize the document according to specific needs.
- Reliability of having a document tailored by licensed attorneys.
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FAQ
If the tenant does not vacate after the expiration of the thirty days, the landlord's counsel can proceed with a holdover eviction action in the appropriate local forum.
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'.
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).
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!
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.
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.
Under the rent stabilization rules, your landlord must mail you a lease renewal 90 to 150 days prior to the expiration of your current lease. If you do not return the lease within 60 days, the landlord may refuse to renew your lease and could move to evict you after the lease expires.
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.
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.
