Extending a lease agreement is the process of extending an existing lease agreement between two parties. It allows the lessee to remain in possession of the leased property for an extended period of time beyond its initial expiry date. This process entails renegotiating the terms and conditions surrounding the original lease agreement as well as agreeing upon a new timeline for when it will end. By coming to an amicable agreement, both parties can benefit from the extension – the tenant can continue to utilize the property while the landlord can preserve their ownership rights.