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What is a lease renewal?
Lease renewal is when a freeholder/landlord extends the term of the lease held with their current leaseholder/tenant to the extend the length of time they remain in the property.
Assigning a lease
If you want to transfer the existing lease on a property over to a new tenant, you will need a property solicitor to help you assign the lease.
Lease renewal (Tenant)
If you are the tenant in a freehold property and you want to renew your lease, a property solicitor can help you handle proceedings with your landlord.
Frequently asked questions
How do I renew a lease?
Lease renewal is typically started by the leaseholder. Their legal representatives will provide an offer (based on a property valuation) which you can accept or counter.
How much does it cost to renew a Lease?
As part of the lease renewal process, the leaseholder is required to pay the freeholder’s solicitor and valuation fees, so as a landlord your costs will be minimal if anything.
Can you refuse to renew a Lease?
You can refuse to renew a lease but only under certain legal grounds, for example if the tenant does not maintain the property, has breached certain obligations or you wish to move into the property yourself. A legal expert can help you if you think you have grounds to refuse.
What happens when a lease expires?
When a lease runs out, the tenant can continue to live in the property unless you or they decide to end their tenancy.
Do I need a solicitor for lease renewal?
It’s important to have a property solicitor on board with your lease renewal, as they can help you liaise with your tenant’s legal representatives as well as review the terms of the lease.
