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Rights of renewal - new deed of lease?

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  • Rights of renewal - new deed of lease?

    We are looking at a property that has pretty bad rent review terms, but we can see potential with the property itself. If the tenant exercises their right of renewal at the end of this term, is a new deed of lease signed and an opportunity to revise the rent review terms, or would we be stuck with the curent terms until their rights of renewal run out??

  • #2
    Hi Chocobo_ff

    Good question. There is a lot of confusion around what you can and can not do as a new property owner of existing tenants. The good news is we have some seasoned investors and property managers who can share some words of wisdom.

    cheers,

    Donna
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    • #3
      The original terms apply .
      You can only change by agreement.
      However if the tenant has been in default during the term of the lease you can notify them that continuation of default may result in no ROR being issued .

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      • #4
        Thanks for the info Beano. Unlikely the tenant will agree to changing the terms, we'll have to crunch some numbers...

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