Depending on your situation at the end of your lease, you have a few options to work with. Most agents, at request of the landlord, would ask you to sign a new lease so they can give the owner some piece of mind. It’s also smart to sign a new lease if you want to stay for another year, that way you’re protected and have a roof over your head for the next twelve months. On the other hand, you may be thinking of moving a few months after your lease ends and want to keep the option open.
Once your lease has passed its agreed period, it automatically turns to what is known as a month to month agreement. You don’t have to sign any further leases and gives you the option to give thirty days’ notice anytime. But something to remember is that it gives power to the landlord to evict you anytime, though they must give you sixty days’ notice.
It’s not unusual for a tenant to stay on a month to month agreement. In many cases, they stay on for years without signing a new lease. It’s always nice to have your option to leave and if your relationship with your agent and landlord is good and you know they will do the right thing by you, I wouldn’t be in a rush to lock myself into any further leases if the option to keep things open is there.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.