The previous lease of 126.96.36.199 will attempt to renew at 1/2 of lease time. Since that address is no longer part of the scope, the device will get assigned a new address. If this is a Windows device, open a command window and type <b>ipconfig /renew</b> to get an address in the new range. Unless the subnet mask has changed, the 188.8.131.52 address should still be able to communicate on the network.
I agree with everything except the last statement, because if the new IP is not in the DHCP anymore then it should not be able to get out, or to anything on the network, you would have to renew the IP address on that machine before it could do anything.
Labnuke99 is right. The computer will still be able to communicate on the network if there were no other changes. About half way through the lease, the machine would request a new IP address and renew in the correct range.