🏘️ Lease extension agreement
A lease extension agreement is a legally binding contract between a tenant and landlord that extends the length of the lease. The agreement will cover the new terms of the lease, such as the new rental amount and length of the lease. The agreement may also cover other terms, such as maintenance and repair responsibilities.
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Section 56 Granting New Lease (Lease Extension)
The purpose of this template is to provide a standardized and legally compliant framework for property owners and landlords who wish to extend the lease term for their tenants. It aims to ensure both parties are aware of their respective rights and responsibilities during the lease extension process, thus preventing any potential disputes or misunderstandings that may arise.
The template likely includes sections addressing crucial aspects such as the parties involved, the original lease agreement details, the proposed extension terms, rent adjustments, conditions for termination, and any other relevant provisions that comply with the relevant UK laws and regulations related to lease extensions.
By utilizing this template, property owners can streamline the lease extension process while safeguarding their interests and adhering to legal requirements. It serves as a comprehensive guide that assists in structuring a new lease agreement that satisfies the needs and obligations of all parties involved, ensuring a smooth transition from the original lease to the extended term.
Publisher
Genie AIJurisdiction
England and Wales
Associated business activities
Grant new lease
The tenant and landlord agree to a new lease when the current one expires. The tenant may want to extend the lease if they've made improvements to the property.
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