What Is A Lease Renewal Process?

Property Management & Leasing | February 19, 2020

Hi, Sam here from Templeton Property and today I’d like to discuss – What Is A Lease Renewal Process?

 

 

 

 

This process starts three months out from the end date of the current lease. That’s when we contact both the tenants and the owners to find out what their intentions are. Sometimes the owner says they’re looking at selling the property or they’re moving in themselves, in which case we issue a ‘Notice To Leave’ to the tenants, so the tenants are made aware that the lease isn’t being renewed two plus months out from the end of the current lease.

If the owner is very happy with the tenancy in place, what we’ll do is offer the tenants a brand new lease. We don’t do lease extensions at all. It’s a brand new lease on a new general tenancy agreement, which has got all the latest clauses from the REIQ etc built into that form.

If the tenant says, “Thanks, however, we are looking at moving as well. We’ve been transferred for work or moving to a larger house,” we ask them to issue us with a ‘Notice Of Intention To Leave’. Now, that’s required two months out from the current end date of the lease so we have plenty of time to organise stage two should the owner be moving in or the tenant moving on. If the tenant is moving out, we would diarise five weeks prior to the end of the lease to start marketing the property to a new prospective tenant.

There we have it. That’s our lease renewal process. If you have any other questions in relation to property or lease renewals, we’re always happy to answer any questions that you have. I’m Sam from Templeton Property. Thanks and have a great day.

Sam Price – Brisbane Buyer’s Agent

Templeton Property

At Templeton Property we go above and beyond to secure the best outcomes for our clients. Discover more about we can assist you by calling us today on 07 3368 1988 or Sam Price directly on 0418 159 993.