Hi, my dad owns a property that he has been leasing to very a good tenant for the past 5 years. The contract has expired (31st Jan) and there is an [OPTION FOR RENEWAL], so were wondering if we could renew the lease (for another 5 years - the lessee has happily agreed to this over phone) without having to pay for a lawyer/solicitor and do it privately. The terms haven't changed at all as the current arrangement is pretty much perfect.
Any help or guidance on this subject matter would be greatly appreciated.
I've called the Land and Property Management Authority and was told that we have to lodge a new lease, have it signed and registered.
We've never done this before because my Dad bought the property while it was already being leased to the current lessee, the previous owners simply just transferred everything to my dad's name. I've been looking online for template commercial property leases but to no avail.
I've been contemplating the option of just photocopying the current [well, expired] contract, edit a few dates, keep the T & C as it is and then have it signed and registered. Is this a feasible way of handling this situation? My dad just spoke to another solicitor who told him to bring in the old contract and that all they had to do was just update a few things - couldn't we just do this our selves? Or do we have to go to a solicitor and have a completely new contract drawn up?
We're basically doing this to try and save some money for the tenant because his been a good person, we know that if we go through and pay to get this done we can easily just transfer the cost to the tenant.
The other matter that I'm trying to look into now is exactly how to calculate the amount of stamp duty, a specific question that my dad was asked by the tenant to check out.
I apologize in advance if I have said something completely stupid or irrelevant, I know pretty much nothing about leasing/investment and my mum just thought I could be useful if I could find out anything online. Sorry for typing so much! Will try to re-clarify any point if asked, I know I probably don't make sense on something
Thanks
Any help or guidance on this subject matter would be greatly appreciated.
I've called the Land and Property Management Authority and was told that we have to lodge a new lease, have it signed and registered.
We've never done this before because my Dad bought the property while it was already being leased to the current lessee, the previous owners simply just transferred everything to my dad's name. I've been looking online for template commercial property leases but to no avail.
I've been contemplating the option of just photocopying the current [well, expired] contract, edit a few dates, keep the T & C as it is and then have it signed and registered. Is this a feasible way of handling this situation? My dad just spoke to another solicitor who told him to bring in the old contract and that all they had to do was just update a few things - couldn't we just do this our selves? Or do we have to go to a solicitor and have a completely new contract drawn up?
We're basically doing this to try and save some money for the tenant because his been a good person, we know that if we go through and pay to get this done we can easily just transfer the cost to the tenant.
The other matter that I'm trying to look into now is exactly how to calculate the amount of stamp duty, a specific question that my dad was asked by the tenant to check out.
I apologize in advance if I have said something completely stupid or irrelevant, I know pretty much nothing about leasing/investment and my mum just thought I could be useful if I could find out anything online. Sorry for typing so much! Will try to re-clarify any point if asked, I know I probably don't make sense on something
Thanks
Last edited: