Arkansas Commercial Lease Extension
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How to fill out Commercial Lease Extension?
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FAQ
Arkansas is the only state in the country where landlords do not have to provide a habitable dwelling. Landlords are also not required to make repairs, unless it is stated in the lease agreement. Renters cannot withhold rent for any reason. Lease agreements can be long and filled with confusing legal jargon.
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.
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.
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.
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.
Yes, a lease can automatically renew in Arkansas. If the tenant wishes to continue to live on the property when the lease is up, the landlord can consent to their continued occupancy (usually by accepting the rent).
Month-to-Month rentals require 30 days' notice by the tenants or landlords to end the lease. For week-to-week rentals, the landlord or tenant needs to provide the other party with 7 days' notice.
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.
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.
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.
