The Saving Advice Forums - A classic personal finance community.

Announcement

Collapse
No announcement yet.

Breaking your lease early?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Breaking your lease early?

    My lease is up July 31st 2013. I'm getting a new job and have the flexibility of either leaving end of April or end of May. MY lease agreement states that I pay the last month of rent, when I give my 30 day notice, and also two months of rent as an early termination fee.

    I called the property manager and apparently there is no way around this, it is what it is. Seems sad, I'm giving them almost 5 months notice and have been a good tenant for the past 18 months.

    If I decide to leave end of May, I won't pay the termination fee as it would be no different as if I just stayed for June and July, not giving them the chance to double up on their money if they get a tenant in quickly...I'll just leave the place vacant for two months.

    Termination fee $1,700...

  • #2
    Do you have the option to sublet with the tenant continuing on a new lease when the original term expires? Is that original lease legal...no option what-so-ever?

    Comment


    • #3
      Its not the leasing offices fault that you are leaving before you lease is up. You signed a written contract knowing the terms and conditions...and if you didnt know the terms and conditions its because you did not read the contract. Lesson learned.

      Comment


      • #4
        What I'd do is make them an offer. Tell them if you're paying a full termination fee, you'd just hold the apartment for the latter two months. Or, you'd pay them part of the termination fee, move out early, and let them rent it immediately, giving them the possibility of actually earning more money. An example would be to pay them 1 extra month, and if they can fill it within that month, anything they get during that month is extra profit.

        Comment


        • #5
          Originally posted by rennigade View Post
          Its not the leasing offices fault that you are leaving before you lease is up. You signed a written contract knowing the terms and conditions...and if you didnt know the terms and conditions its because you did not read the contract. Lesson learned.
          Ah Ok lesson learned, yeah getting a new job was such in the plan, I'll remember that next time...

          Comment


          • #6
            Originally posted by siggy_freud View Post
            What I'd do is make them an offer. Tell them if you're paying a full termination fee, you'd just hold the apartment for the latter two months. Or, you'd pay them part of the termination fee, move out early, and let them rent it immediately, giving them the possibility of actually earning more money. An example would be to pay them 1 extra month, and if they can fill it within that month, anything they get during that month is extra profit.
            I agree with siggy... it can't hurt to try negotiating. I mean what is the worst they can say? No... if that's the case then keep the apartment for the extra two months until your lease is up. And don't forget to get it in writing from them as well.

            Comment


            • #7
              Originally posted by siggy_freud View Post
              What I'd do is make them an offer. Tell them if you're paying a full termination fee, you'd just hold the apartment for the latter two months. Or, you'd pay them part of the termination fee, move out early, and let them rent it immediately, giving them the possibility of actually earning more money. An example would be to pay them 1 extra month, and if they can fill it within that month, anything they get during that month is extra profit.
              That's a good idea, I was thinking of that.

              Comment


              • #8
                I'm aware of the lease I signed and of the termination fee, I just thought since I was giving them a 5 month notice they would be willing to be a bit more lenient...

                Comment


                • #9
                  In business there is no compromise. Even your friend will not treat you as a friend in business. So if you expect anyone in business be lenient then it will be a mistake friend. It needs far thinking. Best wishes.

                  Comment


                  • #10
                    A contract is a contract for a reason. If you get mad because your leasing office lives up to the word of the contract your off base. Sure you didn't plan on getting a new job but it's not their fault. A contract is living up to your word. Be a man/woman of your word and fulfill your obligation. Life can't always be convenient and revolve around your needs alone.

                    Best of luck in the new job! New jobs are exciting : )

                    Comment


                    • #11
                      depends on the owner. He may let you break out early if you work with him in finding another tenant or is open to some other form of compromise. Just talk to him and explain your situation.

                      Comment


                      • #12
                        Just have to make it financially beneficial (or at least neutral) for them to break it early. Like a poster said, business is business, but that doesn't mean you can't break a contract early. It happens all the time in business. It's not about keeping contracts, it's about making money.

                        Comment

                        Working...
                        X