Deed of renunciation

I am presently in a lease of 4 Years 11 months which is coming to an end in a few months.My property is with a Nama developer.I recently contacted him to get contract extension for about the 5th time but he keeps fobbing me off said he'll sort it closer the time lease is up.This morning he emailed me saying his solicitor is sending me out a deed of renunciation to sign and return.

What does this mean for my lease???

Hello,

In very simple terms, if you sign the Deed, you are renouncing your right to a renewal of the lease at the end of the term of the lease. I beleive the Deed is usually signed at the same time as a lease is created (although I suspect it can probably be signed at any time).

If you have not already signed a Deed of Renunciation in times past, I would suggest you ask them to send you a new lease and ensure you sign all documents at the same time (obviously ensuring you have all documents witnessed, then keep a copy of all items).

Just my personal opinion... I'm not an expert.

You will need to get independent legal advice on receipt of the Deed of Renunciation.

Basically if this is your first letting of this property then you have no accrued rights i.e the Landlord is not obliged to give you a new letting at end of first one. If Landlord does give you a new letting and doesn't insist on you signing a Deed of Renunciation in advance then after a total of five years ( i.e including 4 yrs and 11 months from First letting) you will have accrued rights. From the pov of the Landlord that would be an insane thing to do.

Almost certainly therefore you will only get offered a second letting on basis of you signing first the Deed of renunciation.

You should get that Deed and your " new" draft letting agreement from your Landlords solicitor and then get legal advice on both. The landlord will at the very least insist on you getting legal advice re the renunciation.

Everything is different however if you have already been there over five years or will be by end of this term and provided you have not previously signed a renunciation