Virgin Islands Commercial Lease Extension
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How to fill out Commercial Lease Extension?
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FAQ
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.
No Access period this is to cover a situation where the property is totally or partially destroyed or damaged after a natural disaster such as an earthquake. The Deed of Lease records a period of time after which either party has the right to cancel the lease.
If you are a leaseholder, you cannot change the lease terms without agreeing such change with your landlord. The reason for this is that as the lease is a contract between two parties, the leaseholder and the landlord, both parties must agree to change (referred to also as variation) of the terms of the lease.
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.
A lease is a formal contract and, unless a tenant is insolvent, the landlord has no obligation to agree to any changes but commercial reality may mean a landlord is willing to negotiate.Landlords may be willing to consider changing the terms of a lease, if the alternative is that a business tenant moves 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.
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.
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.
If your lease is protected, the landlord cannot force significant changes on you, but you cannot demand material changes either. If your lease is not protected and you want to stay on in the property, both you and the landlord are free to negotiate any terms you want.
