Quiz - how well do you understand your lease?
Understand the key things you should know about your lease. If you are a purchaser, this can help make sure your solicitor has covered all of these points and explained them clearly to you.
The lease will have a start date referred to as the commencement date of the lease and will be for a term of years.
The fact that the terms of the lease has come to an end does not mean that you have to leave the property. Unless you or your landlord takes specific steps to end the agreement under the lease, it will simply continue on exactly the same terms.
You do not need do anything unless you receive a notice from your landlord. For the lease to actually come to an end either:
- you formally surrender the tenancy if you choose to do so, or:
- the landlord serves a prescribed notice on you to gain possession of the property (the landlord will need a court order to gain possession of the property), or:
- the landlord may serve a prescribed notice proposing an assured periodic tenancy, where you pay a monthly rent.
If none of the above have occurred you are still holding over as a tenant and it may still be possible to extend the lease or buy the freehold.
More information you might find useful:
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