Lease Extension

A lease extension is an agreement to prolong the duration of a property lease beyond its original end date. It allows a leaseholder to retain their right to occupy the property for a longer period, often for a fee or under agreed terms. Extending a lease can increase the property's value and make it easier to mortgage or sell. The process typically involves negotiations with the freeholder or landlord, and specific legal procedures must be followed to formalize the extension. This is beneficial for tenants looking to maintain long-term occupancy or protect their investment.