Hi, We have a commercial shop which has been rented out to a tenant. Its been close to eight years the shop is rented ( 1st lease - 3 years , 2nd consecutive lease - 5 years coming to an end soon ). We have police verification done plus we have executed registered rent agreement with the tenant for both terms.
My question is :
1. Can I extend the lease through registered rent agreement for another 5 years, that will be 13 years ( 8 years ( past ) plus 5 years ( Upcoming ). I am bit concerned about the time frame the tenant is in the property. Does having same tenant for an extended time creates a risk for me as a landlord. How can I mitigate any risk apart from executing a registered rent agreement plus a police verification which has been done both times. I will be thankful for the learned community to put forward their expertise in this matter.
