Our process for renewing a lease begins three months prior to the lease expiring. There are a few reasons for this:
1. If you would like the rent to increase for the new lease, we are required to provide the Tenants with two months’notice.
2. If you are wanting to ask the Tenants to vacate at the expiry of their lease, we are also required to provide the Tenants with two months’ notice.
3. We like to get an indication, as early as possible, if the property will become vacant. The last thing we want is your property to be vacant. Maximising your rent return is our goal.
We will email or post you (depending on your preferred method) a document three months prior, which will include the date your written instructions are required to be returned, and a general market overview along with our recommendation for the renewal of the Tenancy. We ask you to return the last two pages of this document, giving us your written instructions relating to the length of lease and rental amount, along with your instructions about servicing the smoke alarms. If you do not return your written instructions by the due date we will attempt to contact you.
If we cannot contact you, as explained previously, we will follow the emergency contact procedure. If we are still unable to contact you, we will issue the Tenants a new lease as per our recommendations on our initial letter to you. However, your written instructions are preferred. Once we have received your written instructions, we will email or post the Tenants their new lease and, once returned, we will process it through our system, arrange the smoke alarms as per your instructions, and send you a copy of the signed lease for your records. The Tenants are given seven days to return their signed lease to us. If the lease is not returned in this timeframe we will follow up.
If the Tenants have not returned their new lease within one month prior to the expiry, we will contact you to advise you that, in this instance, we recommend a Notice to Leave be issued. The main reason for this is, most Landlord Insurance Policies do not provide insurance coverage if the Tenancy is a Periodic lease.