1. Since I have not signed anything with the real estate agent, can I renew the contract directly with the tenant and manage it myself? 2. The administrative fee is a monthly rollover tax (as I was told) and so I can cancel it, even if I have not signed anything. 3. I would like to keep my tenant and extend it directly without the 7% “renewal fee” surcharge. There are generally two common ways to renew an existing lease. The good news is that both processes are pretty straight forth, so even if you`re not the pickiest tool in the shed, you`re in safe hands. But simplistic nature means I`m going to have a hellish time to make this contribution compelling/captivating, so try to endure with me without crashing and drooling like a rabid dog. Looking for advice on the best option to get off. I am currently renting to a couple who have a 12-month fixed-term contract that will end in June 2017. I was contacted by one party to say that the other party is moving, but would like to remain the sole tenant when the lease expires.
Normally, at the end of the limited time, I simply move the rental agreement to a periodic rental agreement, but I`m not sure this time it`s appropriate, since there is only one tenant left. Do I have to get the tenant to sign a new contract? The outgoing person has an interest in not remaining responsible. I`ve seen a few comments here about periodic rental contracts, but I`ve never finished one. Go to the tenant who wants to stay this week to see if it`s still affordable, since she`s currently on maternity leave and the other party has always paid the rent, which is my other concern First of all, it gives you more flexibility. And that`s a lot less effort than actually lengthening the lease. As soon as a periodic lease begins, the lessor has greater control. You can use a Section 21 at any time, which means you can be back in possession within eight weeks. This is of great help if the tenant becomes a cheater or if you decide to sell or renovate the property. At the end of the temporary notice period, some tenants prefer to extend the lease for an additional period of limited duration. The advantage is longer-term security and knowing where the other party is.
This is especially true for families with a child of compulsory school age, where renewal is a sign of commitment and planning for the future. If the landlord wishes to terminate a periodic lease, he must give the tenant two months` notice within the time limit, but remember that if he wishes to leave, the tenant only has to terminate one on time, which can cause you some inconvenience. And if you decide to leave just before Christmas, will you be able to re-lease the property immediately or will you end up with a void? As of June 1, 2020, no fee can be charged for a renewal agreement, even if your existing agreement provides for it….