Texas Commercial Lease Extension
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FAQ
6 tips to negotiate your commercial lease renewalStart early, and stay abreast of the market.Understand your landlord's renewal profits.Assess what your space can / should do for your company.Research alternatives in the market.Form a plan.Consider hiring a broker to help you negotiate properly.
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.
This agreement was signed on // (date) until // (date). This is to inform you that as agreement is about to expire on // (date), I hereby request you to kindly extend the same for (mention duration 3 months/ 6 months/any other).
To initiate the renewal process, a tenant must serve a request for a new lease on its landlord. This request will set out the date for the commencement of the proposed new lease. This could be the day after the contractual expiry date of the existing lease, or it could be months or even years afterwards.
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.
Extension normally refers to a lengthening of time for an existing contract. Renewal normally contemplates an entirely new contract. This can be a distinction without a difference in some situations, but in complicated contracts it can have legal consequences.
In general is best to extend the lease before it reaches 80 years or below because some lenders require a certain number of years before they are prepared to lend. When a lease drops below 80 years the premium to extend the lease increases because marriage value becomes payable.
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.
A lease extension is an addendum to your original lease, while a lease renewal is a new lease agreement entirely.
Option 1: Remain in the propertyThis gives a Tenant the automatic right to renew their lease upon expiry and is governed by the Landlord and Tenant Act 1954. As a general rule of thumb, all leases are protected with security of tenure unless there is a specific clause within the lease that excludes this right.
