By Jack Wogan
It is not unusual to grow extremely fond of the place you rented. Finding the right "crib" for you takes time and once you find it, you will hold on to it. The best way to ensure that the property you rented remains yours for another term is through a lease extension. A lease extension can be described as an agreement designed to prolong the date at which your renting contract will end.
A lease extension contract is closed between the landlord and the tenant, the same parties that have signed the initial renting contract. If you want to extend the contract connected to your rent, make sure you will study closely the advantages provided to you by such a deal. Depending on the situation you may want to keep or change the terms of the initial agreement.
Changes in the lease extension contract can be made only under certain circumstances. For instance, as a lessor, you are entitled to add or remove certain specifications only if you decide to move the rental period from a yearly to a monthly basis. There is also something more you may want to take into consideration and this is the provision regarding an additional monthly payment. You can include this stipulation in the contract if your home is subjected to a rental increase of a pre-decided percentage of the overall monthly lease.
Another point to ponder upon is the documents you will need for the extension of the lease period. There are many people whose belief is that an oral agreement suffices for their lease extension. But this is certainly not the case. Just think at the following situation - maybe one of the parts becomes dissatisfied with the contract and wants to terminate it. If this is the case, then an oral agreement will not uphold in court. Furthermore, please remember to include the signatures of both parties on the lease extension agreement. This will reflect the fact that all the parts involved agree with the terms included in the agreement.
There is one tool which any person willing to extend their lease contract needs. This is the lease extension calculator. Such a useful tool can be found over the internet and it will help you estimate the sum entailed by your lease extension. All you have to do is perform a quick search on Google and then identify the right lease extension calculator for your case.
Please keep in mind that handling a lease extension by yourself is not easy. Experience to renegotiate the terms of the initial lease will be needed. So, the best way to deal with the situation is with the help of a specialist. There are many solicitors willing to offer their professional advice on lease extensions.
A lease extension contract is closed between the landlord and the tenant, the same parties that have signed the initial renting contract. If you want to extend the contract connected to your rent, make sure you will study closely the advantages provided to you by such a deal. Depending on the situation you may want to keep or change the terms of the initial agreement.
Changes in the lease extension contract can be made only under certain circumstances. For instance, as a lessor, you are entitled to add or remove certain specifications only if you decide to move the rental period from a yearly to a monthly basis. There is also something more you may want to take into consideration and this is the provision regarding an additional monthly payment. You can include this stipulation in the contract if your home is subjected to a rental increase of a pre-decided percentage of the overall monthly lease.
Another point to ponder upon is the documents you will need for the extension of the lease period. There are many people whose belief is that an oral agreement suffices for their lease extension. But this is certainly not the case. Just think at the following situation - maybe one of the parts becomes dissatisfied with the contract and wants to terminate it. If this is the case, then an oral agreement will not uphold in court. Furthermore, please remember to include the signatures of both parties on the lease extension agreement. This will reflect the fact that all the parts involved agree with the terms included in the agreement.
There is one tool which any person willing to extend their lease contract needs. This is the lease extension calculator. Such a useful tool can be found over the internet and it will help you estimate the sum entailed by your lease extension. All you have to do is perform a quick search on Google and then identify the right lease extension calculator for your case.
Please keep in mind that handling a lease extension by yourself is not easy. Experience to renegotiate the terms of the initial lease will be needed. So, the best way to deal with the situation is with the help of a specialist. There are many solicitors willing to offer their professional advice on lease extensions.
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When you are looking to get a lease extension for your firm, using a lease extension calculator is the best option.
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