Options - Agree To Include An 'Option'

When you sign an agreement you and your lessor or provider can agree to include an ‘option’.

An ‘option’ is a term in a tenancy agreement that gives you the right textend the agreement for an additional period. Options must be in writing and are usually included as a term of the tenancy agreement.

If you want to take up an option, you must give written notice before the end of the option period (most likely the end of the original term of the agreement). If you take up an option to extend the tenancy, all the terms of the original tenancy will continue to apply unless the option agreement specifies a change in the terms.

Your lessor or provider cannot withdraw the option. If the property is sold, the option is binding on the new owners as long as the term of the agreement and any option periods are less than 3 years in total.