Residential Lease Extension

Residential Lease Extension Template for Hong Kong

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Key Requirements PROMPT example:

"I need a Residential Lease Extension for my Hong Kong apartment extending the current lease for an additional 2 years from January 2025, maintaining the same terms but with a 5% rent increase."

Document background

A Residential Lease Extension is a crucial document used when parties wish to continue an existing residential tenancy in Hong Kong beyond its original term. This document becomes necessary when both landlord and tenant agree to extend their rental arrangement but need to formalize the continuation and potentially modify certain terms. It must comply with Hong Kong's property laws, particularly the Landlord and Tenant (Consolidation) Ordinance, and typically includes details about the extended term, any rent adjustments, and modifications to original lease terms. The document serves as an addendum to the original lease, maintaining the fundamental landlord-tenant relationship while updating specific provisions for the extension period. It's particularly relevant in Hong Kong's dynamic property market where both parties often prefer extending existing arrangements rather than entering entirely new agreements.

Suggested Sections

1. Parties: Identification of the landlord and tenant, including their full legal names and addresses

2. Background: References to the original lease agreement, its key terms, and the parties' intention to extend the lease

3. Definitions: Definitions of key terms used in the extension agreement, including references to defined terms in the original lease

4. Extension Term: Specific details of the extension period, including start and end dates

5. Rent and Payment Terms: Specification of the rent amount, payment schedule, and any adjustments for the extension period

6. Continuation of Original Terms: Confirmation that all other terms and conditions of the original lease remain in effect

7. Execution: Signature blocks for all parties and witnessing requirements

Optional Sections

1. Rent Review: Include when there's a mechanism for reviewing and adjusting rent during the extension period

2. Modified Terms: Include when any original lease terms are being modified as part of the extension

3. Break Clause: Include when either party is given the right to terminate the extension early under specific conditions

4. Renovation/Maintenance Terms: Include when specific works or maintenance obligations are agreed as part of the extension

5. Security Deposit Adjustment: Include when there are changes to the security deposit amount or terms

6. Special Conditions: Include when there are any unique requirements or conditions specific to the extension period

Suggested Schedules

1. Schedule 1 - Original Lease: Copy or key details of the original lease agreement being extended

2. Schedule 2 - Property Details: Detailed description of the property, including any changes to fixtures or fittings

3. Schedule 3 - Rent Payment Schedule: Detailed breakdown of rent payments, including dates and amounts

4. Appendix A - Condition Report: Current condition of the property at the time of extension (if required)

5. Appendix B - Modified Terms: Detailed list of any terms from the original lease that are being modified

6. Appendix C - Regulatory Compliance: Any updated certificates or compliance documents required for the extension period

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Residential Real Estate

Property Management

Legal Services

Property Investment

Real Estate Agency

Housing and Development

Property Insurance

Relevant Teams

Legal

Property Management

Real Estate

Compliance

Operations

Administrative

Customer Relations

Contract Management

Relevant Roles

Property Manager

Legal Counsel

Real Estate Agent

Property Administrator

Leasing Manager

Compliance Officer

Housing Officer

Estate Manager

Tenant Relations Manager

Contract Administrator

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