English
FrançaisHi, does anyone know what happens at the end of the 2nd lease term (i.e. after 18 years)? We renewed our lease for a 2nd term a few years back. We were happy to do so even with a reduction in rent as it still covers the mortgage with a little bit extra left over. We are planning on seeing the 2nd lease term to the end as the mortgage will be paid off at that stage. What happens then? Are we free to do with the apartment as we wish? Will the mgmt. company have the right to renew the lease for a 3rd time?
As far as I know they have a right to renew the lease in perpetuity. My advice...NEVER sign for a rebt reduction...you are playing into their hands. Even if the rent still pays your mortgage you are still giving your hard-earned money over to these crooks. If you refuse to accept a rent reductoin they will either have to pay you the agreed rent or you can apply to have the lease cancelled without paying compensation.