Legal Question in Landlord & Tenant Law in Virginia
extending a lease?
I am a party to a 5 year real estate lease, that has a clause in it that it can be extended for another 5 years as long as the lessees state they want to extend it (in writing) by July 1st 2009 (its july 20th). If we (the leasees) continue to make payments and send the lessors a letter stating we wish to continue the lease, would that be a valid contract for the next 5 years? Or, by missing the deadline, would the lease revert to a month to month arrangement.
1 Answer from Attorneys
Re: extending a lease?
Probably, month to month(in my opinion) unless the lessor agrees to waive the notice provision and accept the prior lease as valid and binding for another five years.(Needles to say, this waiver and acceptance should be executed by the landlord in writing and not merely by oral agreement.)