Pennsylvania Commercial Lease Extension
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How to fill out Commercial Lease Extension?
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FAQ
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.
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.
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.
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.
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.
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.
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.
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.
