What happens when a lease term ends?
What happens when a lease term ends?
When a lease ends, a tenant may choose to move, continue to pay rent as a month-to-month tenant, or sign a new lease. A landlord and a tenant may also agree to extend the tenancy by signing a new lease agreement. The landlord can change the terms of the lease and increase the rent.
Why car leasing is a bad idea?
The major drawback of leasing is that you don’t acquire any equity in the vehicle. It’s a bit like renting an apartment. You make monthly payments but have no ownership claim to the property once the lease expires. In this case, it means you can’t sell the car or trade it in to reduce the cost of your next vehicle.
What happens at the end of a fixed term lease?
At least one month before the lease end date, the tenant and landlord should discuss whether the tenant wants to stay. If the tenant wants to stay, a new lease needs to be signed between the landlord and tenant. However, the landlord does not have to agree to a new lease.
When does a fixed term tenancy end in the UK?
Many tenancies end automatically if you leave by the last day of the fixed term. Some contracts continue as periodic tenancies after the fixed term unless you give notice to say you’re leaving. Check your contract before the fixed term ends to see if you have to give notice and how much notice you should give.
Can a tenant end a 6 month agreement early?
It would be quite unusual for a landlord to just accept a tenant ending a 6 month agreement after a few days. You have said, however, that the landlord accepted your partner moving out. If he agreed to the ending of the tenancy then your partner may have been released from his obligation to pay rent for the full term.
When to remind a tenant of the end of their lease?
You should remind your tenant that their lease is ending at least 60 days before the last day of the term. It may even be a good idea to send another reminder closer to the date to ensure that they are aware of their requirements for move-out.