What about buying a flat as a lease hold. That is what confuses me how can you BUY a flat as a leasehold. Or are leasehold and lease different. Unless buying a leasehold just means signing a lease agreement and paying rent for a specified amount of time. In which case why is it buying. Idk I'm just confused.
Typically a leasehold estate is for several years, and in some cases decades. Usually in real estate, when they say leasehold it means that the “fee” to the land is not included, so what you are buying is the leaseholder’s interest in the property, that will end upon the lease expiring.
If you choose to renew your lease, then you will need to provide your property manager/landlord with written notice of this decision. An email or letter should do the trick. They can draft a new lease, terms and pricing will most likely see some changes. If you have a retail/office/ industrial space be sure to know your market concessions and lease rates.
My lease terminates july 31. I will be doing a month to month now. I paid first and last month rent for my current lease when it started. Will the last month rent payment be applied after i give a 30 day notice?
Thank you for reaching out. Two items for clarification. "last month's" rent is often used incorrectly, and typically, most lease/rental agreements call them a security deposit, and it is NOT to be used for the last month's rent and will carry over on a M-T-M rental after the lease expiration. If your lease agreement specifically states that you paid "last month's" rent when you signed the lease, then it would be applied to your last month's rent, ie: once you give notice that you are moving out, then it would apply to that month's rent, not the lease's last month. Hope this helps clarify.
@georgepino9061 ok. Thankfully I didn't have to pay a security deposit. However the lease *specifically* says that the "last month rent" CANNOT be used *as* a security deposit. It is to be used ONLY for "last month rent." So let's say I gave a 30 day notice july 30th which means I move out August 30th. Would the "last month rent" apply to the month of August so I wouldn't have to pay August rent?
@@crownuk4867 Per your information, the last month's rent would be applied to your "last month". If you give a notice on July 31, to move out on August 31, then your last month would be August, and under the lease information you provided, then the prepaid last month's rent would be applied to August as your last month after giving notice of vacating and you wouldn't need to pay the August rent.
@@georgepino9061 *by law* is my landlord "required" to make that last payment BEFORE my due date or is there a "law" that says otherwise? I pay through zillow and they are automatic payments. I'm assuming he would *have* to contact them and "stop" my payment?
@@crownuk4867 No, it is not up to the landlord to "stop" your payments, and they likely do not have access to your account. I would place a stop on your automatic payments, then give your notice. The last month's rent should be automatically applied then by the landlord.
