BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A lease extension refers to a legal agreement that extends the term of an existing lease or rental agreement. Extensions are not a requirement in a business relationship but are often granted just before an original agreement is set to expire.

Detailed explanation-2: -Capital or finance leases are long term and non cancellable in nature. Description: In a capital lease, the lessor transfers the ownership rights of the asset to the lessee at the end of the lease term.

Detailed explanation-3: -In total the formal lease extension process can take anywhere from 2 to 12 months to complete the lease extension and then 3 to 12 months before the new lease is registered at the Land Registry. This is why many leaseholders link the lease extension into a sale and pass on the legal rights to extend to the new buyer.

Detailed explanation-4: -As per requirements of section 17 of the Registration Act, 1908, a lease agreement for a term not exceeding one year is not compulsorily registrable. This means that rent agreements for less than 12 months duration can be made without registration.