When a tenant moves into a new rental property, it is really uncertain for how long the tenant will stay. Sometimes, the lease is for a short duration than the duration mentioned in the lease agreement while sometimes, the tenants have to get their lease extended. Finding a new property is quite difficult hence; tenants have to consider the lease extension facility to avoid the inconvenience. The lease holder has the opportunity to get the lease term extended at any point of time before the completion of the first lease term. It allows the tenants to continue using the same space for residential or commercial purpose.
Extension of lease is financially imperative
Lease extension increases the options for modifying the lease agreements. The landlords have to consider the application for extending the lease term. This is a profitable option for the owner of a leaseholder as well a property owner. Lease holders prefer extension of the lease so they are able to enjoy all the personal rights on the leased property. Lease holder will be liable for the repair and maintenance.
Get the ownership of the leased property
There are many leaseholders who have leased the property for more than 80-90 years. If they plan to buy to lease property, they can have discussion with the property owner for transferring the ownership by selling their leased property. It is a better option for the leaseholder because they will be saved from the stress of finding a new property and they will be able to continue to use the property.