Extending Your Memphis Apartment Lease on Time
Mar 25th, 2008 by Memphis Apartments
Not all of us are rich enough to buy a Memphis apartment or home, as much as we would want to. So, a suitable option is to rent a Memphis apartment. Renting a Memphis apartment is a suitable option for many. When you take an apartment for rent, you sign an agreement with the landlord of the property. This agreement will give you the right to occupy the Memphis apartment for a period of time. This agreement is known as the lease. If you are a good tenant the landlord would not mind extending your tenancy or lease period. By good tenant, we mean, paying the rent on time, no complaints from neighbors etc. The lease period could be a month or a year. This depends on the landlord. Initially, he may lease the apartment only for a month because he is not sure whether you will pay rent on time. Once he has confidence in you, he may renew it for a year. It basically depends, as various landlords and apartment complexes have different rules and regulations.
Is Extending The Lease Beneficial?
Yes, extending the lease is beneficial not only for the tenant but also for the landlord. If you are a tenant who pays the rent on time without any lapse and also takes good care of the property, the landlord would be more than happy. The reason is the landlord knows his property is in good hands. Not only that, the landlord has ample time to find another potential tenant before the renewal of the next lease. Extending the lease is beneficial not only for the landlord but also for the tenant. If you are in good terms with your landlady, it is possible to extend your lease for a few more months. It helps when you are planning to shift to your own Memphis apartment or if there is a job transfer in the pipeline. During this period care should be taken to keep the Memphis apartment clean and tidy. The reason is that the landlord would be showing the apartment to next prospective tenant.
Is There a Charge to Renew Your Lease?
Extension on the current lease is the agreement between the landlord and the tenant which states the extension of the original terms and condition. The extension can be for a period of a month or for a year. Sometimes the tenant may need to pay some extra charges to continue the tenancy. However, if new terms and conditions are made, they have to be specified in the new agreement form.
How does one extend the Lease?
If you want to extend your lease period, you need to start the process before the original lease ends. The most important thing that you have to do is find out who granted the original lease. It can help in working out how the lease can be extended.
You can get in touch with the landlord who granted you the lease originally. The contact details would be included in the bills you receive for the utility payments, service charges and ground rent.
You have to write to the landlord with your details and also the reason for extending the lease period. If you want to propose changes to the existing lease, that should also be included in the letter. Since many landlords would want to know your credit score before extending the lease ensure that you attach a copy of your credit history; and reference letters from your previous landlords or your previous rent records are helpful.