My husband and I have lived in an apartment (2 family house) in NYC for the last 12 months.
Our landlord lives in another state and is very nice and never bothers us.
The thing is, our lease expires at the end of the year and we have asked him for a new lease. He said of course we can have one if we want but in his 15 years as a landlord he has never issued a new one because he is quite content to let things carry on as before same rent etc. (The couple who live downsatirs have been there for 7 years. )
My question is - should I insist on signing a new 12 month lease? Would it be more to our benefit or his benefit if we didnt ?
2006-12-28 07:06:20 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Also I am expecting a baby in July which we havent told him. Am I obligated to tell him? Our lease valid thru 2006 sates that only persons who signed the lease, thier spouse and thier children may reside in the property.
2006-12-28 08:18:42 · update #1
If you want to make sure you have the terms in writing... ask him if he would mind just signing a new one.
It sounds like he is pretty content with you going month to month, but there is risk for both parties in that you could leave or be asked to leave at short notice (30 days or so).
If rental prices go up and he can get more money from someone else he could always ask you to leave.
2006-12-28 07:13:12 · answer #1 · answered by John Stamos 3 · 1⤊ 0⤋
It’s for your benefits in a way. Things can change in your life, someone can get sick or lose a job and you are free to move out with 30 days notice, but or the other hand your rent can increase.
I have wonderful tenants that we had one year lease agreement after it did expire, we agreed on month to moth and I did increase their rent. The husband is no longer works for the company as he used too, he works from home and they can move any time if he get a better job and I will hate to see them struggling to pay rent if get a better job and support his family. As for now they pay their rent on time with no problems.
2006-12-28 15:33:25 · answer #2 · answered by Isabella789 4 · 0⤊ 0⤋
In most states, once you have a lease, the terms will carry on past the term if no other contract is signed. If you are happy with the terms, leave it as it is. The original lease is the only contract in force even after the term expires.
2006-12-28 15:14:36 · answer #3 · answered by Susan M 7 · 0⤊ 0⤋
The benefit to you of going without a new 12month lease is that if yoou do want to move in the future, you can give 30-day notice and go.
The downside is that if the owner wants to raise the rent (unless rent controlled) or wants to terminate your residency, he gives 30 day notice and you're out.
2006-12-28 16:12:04 · answer #4 · answered by kingstubborn 6 · 0⤊ 0⤋
You can ask for a lease, but if you have any intention of leaving within the next year, your landlord is doing you a favor.
2006-12-28 15:21:24 · answer #5 · answered by fancyname 6 · 0⤊ 0⤋
It is actually more to your benefit. If you decide to leave there is nothing stopping you. But in the meantime, you are not locked into guarantee of Rent.
2006-12-28 15:15:41 · answer #6 · answered by rdncgirl 2 · 0⤊ 0⤋