We help our clients create wealth through property management. Contact your local Elders Real Estate property manager to understand your property's investment potential and how we can help you secure the best possible return.
Find your local agent
You will find details of the expiry date in your lease agreement. If this date passes, your lease becomes a ‘continuing agreement’. This ensures all parties are bound by the original lease terms.
You can also request a lease renewal from the owner or agent. The owner of the property has the right to renew the lease, let arrangements continue under the terms of the original lease or issue the appropriate notice requesting that you vacate the property.
It is important for you to discuss whether or not you want to continue living in the property with the owner or agent well before the expiry date of your lease, which allows everyone to make the necessary plans and arrangements.
Any agreed handovers must be done correctly and legally – you and the other person should contact your agent as soon as possible and let them know what you want to do.
You should also be aware that your agent or owner has no automatic obligation to agree to your request – the new person must complete an application form, provide references and carry out all the other steps that are necessary for anyone to be approved as a tenant.
If this application is approved, the new person should not move into the property until a final inspection has been carried out and the necessary arrangements are made with your owner or agent for the release of your bond.
There are a number of different scenarios that can occur if the owner decides to sell – these can depend on the expiry and terms of your lease agreement.
For example, if you are within the term of your lease agreement and the property is sold to another investor, you continue to have your rights to the property as a tenant when the new owner assumes the responsibility as your landlord.
If the property is sold to someone who wishes to live there, you will be given notice to vacate – this will usually give you plenty of time to arrange your next property.
As an existing tenant, your Elders agent is perfectly-placed to help you find another rental property that suits your budget and preferences.
