New Jersey Commercial Lease Extension
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How to fill out Commercial Lease Extension?
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FAQ
The landlord's right to refuse Your landlord can refuse to renew your lease if: you're in breach of your obligations (for example, you've not paid your rent) they want to use the premises themselves, for their business, or to live there.
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.
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.
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.
Yes, a lease can automatically renew in New Jersey. If there is no renewal clause in the lease, it can still be renewed. If the landlord accepts rent after the lease has expired, the lease is renewed on a month-to-month basis (NJ Rev Stat § -10 (2018)). In some cases, a new lease may be required.
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.
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.
For commercial tenants on protected leases, as long as they continue paying rent what happens when the lease expires is largely up to them as the lease will turn into a periodic tenancy and retain protection from the Act.
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.
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.