Does transfering domain renew it?

[TechMinerUK]

Hi, I have been looking on the internet but I can't find a clear answer. When I transfer a domain from one company to another does it renew my domain ownership? I ask as a company is charging £7.50 for the transfer but for that I could by the domain new again once the "Lease" (If thats the correct term) is finished which is soon.

Sorry if this is an obvious question but I just wanted to make sure

 

[TechMinerUK]

Pretty sure they won't renew for you.
Wait is the company you're transferring it to or from charging?
If it's the company you're going to flip them off and go for one of the free ones. Use the money saved to renew.
If you allow it to expire you run the risk of losing it. Never know who may want the domain name. I have "sniped" one from someone who let it expire before as they wanted stupid money for it.
Edit: I think I got it wrong. If its the domain I think it is then .net seems to have fees for transferring out and it does indeed add a year to the registration ie renews it.

Most TLDs have a mandatory 1 year renewal on transfer. This is added on to any time already remaining on the registration. The main exception is .uk which will keep its existing renewal date and should therefore have no cost to transfer.

Thank you, I was just wondering as the current company who deals with the domain for me is asking stupid money to renew it for just one year whereas others are offering much less on the renewal/transfer and I just wanted to make sure before I went ahead and paid so I don't end up paying for a transfer and renewal