Renewal of Lease

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nitrodrops
Member
@nitrodrops
Join Date: 2009
Post Count: 132
June 12, 2009 - 5:48 am
Hi All,
My lease is expiring in late August. I have started property hunting.
I am not sure when will i be getting my property. For my lease renewal, should i go for 6mths or 12mths? As i will be breaking lease, and a new tenant has to be found before i can move out.
From the new tenant's point of view, he will definitely prefer a longer lease instead of a shorter lease right? Should i go for 12months lease? even though i have a feeling that i will be getting my apartment within the next 6 months.
BTW, i am renting in a bluechip area, properties in my area always rent out.
Cheers
Nit
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
June 12, 2009 - 6:13 am
Just go onto a monthly tenancy. Depending upon the state that you are in, once you are on holdover the lessor must give you 60 days notice. Just make sure that you are not in breach (in arrears etc) so that you are not likely to be turfed out.
nitrodrops
Member
@nitrodrops
Join Date: 2009
Post Count: 132
June 12, 2009 - 8:20 am
Scott No Mates wrote:
Just go onto a monthly tenancy. Depending upon the state that you are in, once you are on holdover the lessor must give you 60 days notice. Just make sure that you are not in breach (in arrears etc) so that you are not likely to be turfed out.
Hey Scott, thnx for your reply again
Are you referrring to "periodic tenancy"? Also, if the lessor will to switch to monthly tenancy or periodic tenancy, wouldnt this be an disadvantage to him?
Cheers
Nit
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
June 12, 2009 - 1:39 pm
Not really. Although you would be on a monthly tenancy that only applies to the notice that you have to give, the owner (in NSW at least) must give 60 days.
As a lessor I prefer to have the tenant tied into a lease however have had several not renew but go on monthly (the same conditions apply in holdover as they do to the lease period).
You noted the termination clause previously that the two parties can agree to terminate during the term & the costs which would apply if you chose to terminate so it may be practical to pick the length of your term to suit the occasion eg 9 months allowing you to find & buy a new unit, get a 6 month tenant & move in to still claim the FHBG (if it applies).