Managing Lease/Tenancy Renewal Options

  • Updated

For North American users, please be aware that "Tenancies" are known as "Leases" and "Terms & Breaks" within a Tenancy are referred to as "Terms & Options". For more information on regional terminology, please refer to our Glossary of Regional Terminology.

This guide is designed to provide you with clear instructions on how to effectively manage lease renewal options for tenancies to ensure you never miss critical deadlines to renew leases. Follow along as we walk you through the steps to add, manage, and renew lease options with ease.

How to Add Renewal Options to a New Lease/Tenancy

When setting up a new lease within the Commercial Lease/Tenancy Wizard, follow these steps to include renewal options:

  1. Proceed to the Terms step and enter the initial term as usual.
  2. Click on Add Right of Renewal and check the box for Lease/Tenancy renewals have Options.
  3. Define the Option expiry date and set a Remind by date to establish advanced reminders.
  4. Complete the lease/tenancy details and click Save to incorporate the renewal options.

Adding Renewal Options to an Existing Lease/Tenancy

To update an existing lease with renewal options, employ the following method:

  1. Go to the Terms & Breaks section of the lease/tenancy and select the Current Term tile.
  2. Check lease/Tenancy renewals have Options to include Option expiry information.
  3. As with a new lease/tenancy, input dates for the Option expiry and Remind by to create reminders.
  4. Click Save to confirm and apply your adjustments.

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Renewing a Term with Renewal Options

To renew a term, there's no deviation from the existing workflow:

  1. Navigate to the Terms & Breaks tab and select Renew term.
  2. Within the Term Renewal page, verify and adjust the New Term and any remaining Rights of Renewal details.
  3. Input the date the option was exercised and specify the Lease/Tenant Contact responsible for the notice.

Once a new term begins, the exercise date and who exercised the option will be visibly recorded on the Terms & Breaks page.

 

With these steps, you're on your way to flawlessly managing lease renewals, helping to maintain and prolong valuable leases/tenancies and leases within your property portfolio.

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