Ohio Commercial Lease Extension
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How to fill out Commercial Lease Extension?
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FAQ
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.
Generally, you will be a qualifying tenant, if your lease was more than 21 years when was originally entered into and you have owned your flat for 2 years. However, even though you may be a qualifying tenant under the law, there may be other restriction that may prevent you from extending your lease.
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.
You can ask the landlord to extend your lease at any time. You might be able to extend your lease by: 90 years on a flat if you qualify. 50 years on a house if you qualify.
You will have to pay your landlord or freeholder's reasonable costs. These are usually the legal costs of drawing up the new lease, and checking whether you have the right to extend, and the costs of a valuation of your property by a surveyor.
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.
When the leasehold on a property expires, the property reverts back to being a freehold property where ownership of both building and land belong to the freeholder. Even if you have paid your mortgage off and own the property outright, when that leasehold expires you'll have no legal rights to the property.
To begin the process of lease extension, you need to serve notice on your landlord. You'll be required to have certain information in the leaseholder's notice. In the notice, you'll need to outline the premium you intend to pay for the lease extension and any changes you propose for the lease agreement.
Generally, you will be a qualifying tenant, if your lease was more than 21 years when was originally entered into and you have owned your flat for 2 years. However, even though you may be a qualifying tenant under the law, there may be other restriction that may prevent you from extending your lease.
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.
