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Dec
18

There are often pros and cons for both parties when it comes to extending rents. Keeping tenants courteous for longer not only saves you time and money, but also gives you the peace of mind that accompanies someone who is familiar in your rental unit. However, if you currently have an unwanted tenant, it may be worth considering the time and money to return your rental unit. If the tenant wishes to continue after the expiry of the original contract, you have two options: you can offer him a new fixed-term contract or allow him to switch to a legal term lease. Both have pros and cons and what you use really depends on your circumstances and circumstances of your tenant. A periodic tenancy agreement means that the contract runs from one month to the next, until either the owner or tenant of the other party is terminated. Landlords and tenants have the flexibility to terminate the lease at any time. They can be more easily evicted from a periodic lease, but the landlord has to follow the legal process and it takes time. For example, if the landlord wants to increase the rent, he must wait until the end of the fixed term or get the tenant`s agreement and have an endorsement signed. The lessor cannot use a Section 21 notification at an early stage and terminate the lease before the fixed term expires. You should try to write to your tenants at least two months before the end of their initial fixed-term contract, so they don`t even have time to wonder if they can live elsewhere! Tell them that you want to renew your lease and ask them to inform you at least one month before the expiry of their contract if they wish to renew it.

The rented property, which is at the heart of this renewal, must be clearly identified for this document to work properly. So continue with the second article, the one with “II. and then indicate the physical address where the rental property is located. This address should allow an examiner to consult and access the premises concerned. If one of the parties wishes to extend, it will probably pay a small amount. Many homeowners are willing to cover the costs in exchange for a longer rent with full occupancy of the property. If you are asked to pay this fee, you can offer to share the fee with the owner. If your landlord insists that you pay the annual fee, you should negotiate with them. Remind them how expensive it is to find new tenants instead of just covering this tax. Your lease automatically becomes a periodic lease if you survive the end of the limited term without a renewal contract. This is very common and periodic leases can, in some cases, last for many years. However, there are reasons and benefits for extending the lease for a new fixed period.

It also gives you more time to convince tenants to stay if they are not yet sure of their next steps or if you are fighting to agree on conditions.