At the end of a guaranteed rent lease you can renew it, agree new terms or take the property back. The lease should set out the notice needed, the condition the property is returned in and how any disagreement about condition is settled.
What notice is given at the end of the lease?
The lease sets the notice periods for both sides. Check them when you sign, and diary the date by which you need to tell the provider whether you want to renew.
What condition should the property be in?
The benchmark is the inventory and schedule of condition made at the start of the lease, allowing for fair wear and tear. Photographs and a signed inventory at the start make the end much simpler.
Will the occupiers be gone?
On a guaranteed rent arrangement the company is your tenant, and it is responsible for returning the property with vacant possession at the end unless you agree otherwise. Confirm this is in the lease.
Can I renew on different terms?
Yes. Renewal is a new agreement, so the rent and term can be reviewed. Many landlords renew for a longer term once they have seen how the arrangement works.
What if we disagree about the condition?
Good leases include a way to resolve disputes, such as an independent inspection. Raise any concerns promptly and in writing, with photographs.