Nebraska Commercial Lease Extension
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How to fill out Commercial Lease Extension?
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FAQ
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.
These tenancies usually begin as fixed term tenancies where the duration is defined from the outset, typically anywhere between 6 months to three years (but can be up to seven years) as mutually agreed between the landlord and tenant.
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.
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.
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.
The option to extend or terminate a tenancy agreement usually comes up at the end of a fixed-term (usually 6 or 12 months) or when everyone involved agrees. Until that point, tenants are responsible for paying the rent even if they pack their bags and move out.
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.
Renew or extend a fixed-term tenancy In this case, if the tenant wants to renew they must tell the landlord in writing. They must do this at least 28 days before the end of the fixed term. The tenancy is then renewed for the same length of time as the original fixed term.
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.
