Explaining common landlord & property rental terms

Lease extension, Section 5 Notice and leasehold reform are three important terms in the property world. However, many people are unaware of what they mean. Read on to find out the definitions of common landlord terminology...

What are lease extensions?

A lease extension is an agreement between a tenant and a landlord in which the tenant agrees to stay in the property for an additional period, typically at a higher rent. A lease extension can be used as a way to avoid moving or as a way to get more time to find a new place to live.

This means that lease extensions are extremely helpful if you need more time to get your finances in order. If you're not able to afford your current rent, you can ask your landlord for a lease extension and they may be willing to work with you. Though, most landlords will want to raise the rent if you extend the lease.

What are Section 5 Notices?

Section 5 notices are used by landlords to notify tenants of any changes or repairs that need to be made. This could include anything from changing a lightbulb to major structural work. Landlords must give tenants at least two months' notice before carrying out any work, and the work cannot commence until the notice period has expired. If the tenant does not comply with the notice, the landlord can get a court order to evict them.

If you receive a Section 5 notice, it's important to comply with it as failure to do so could result in eviction from the property. If you're unsure about anything contained in the notice, don't hesitate to seek advice from a qualified solicitor.

What is leasehold reform?

Leasehold reform is a process that can be used to improve a lease’s terms, extend the length of a lease, or convert a leasehold interest into a freehold interest. It’s often used to help tenants who are facing eviction or who have been given a notice to move. Though in other cases it’s used to help the tenants experiencing problems with their landlord, such as harassment or failure to repair the property.

The process of leasehold reform can be complicated. It's important to seek professional advice before taking any action. There are several different options available, and the best option will depend on individual circumstances.

For more information, contact Horton Valuers today.