Conveyancing & Property: Retail & Commercial Leases - Guides
Retail & Commercial Leases
9. Renewing the Lease
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Last updated: 29 Aug 2015
- Start lease renewal negotiations as soon as possible. If you leave it too late you may find yourself in a weaker negotiating position.
- Depending on the terms of your lease or the laws in your state or territory the landlord may be required to give you preference over a new tenant.
- Follow the procedures and timelines that are specified in your lease agreement and as set out in your state or territory’s leasing laws otherwise you might forfeit certain rights. Your landlord is obliged to do the same.
- Read the wording of any option clause carefully. Always check with your lawyer if you have any doubts. Our free Find a Lawyer directory provides contact details for lawyers who may suit your needs.
- Most landlords will be more willing to retain a good tenant who pays their rent and outgoings on time and who is reasonable to deal with. Maintaining a good relationship with your landlord can be the key to securing a new lease on terms and conditions favourable to you. This does not mean that you should not complain if something goes wrong or when the landlord fails to carry out their obligations as required by the lease.
- Familiarize yourself with the lease market during your lease. The more you know about it the greater your bargaining power when the time comes to negotiate a renewal.
- Speak to the landlord and express your interest in renewing the lease.
- A renewal of your lease is a new lease agreement. You do not have to agree to the same terms and conditions that applied under the previous lease. Renewal provides a chance to fix any issues you became aware of during the course of the last agreement.
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