There are some key things to consider when breaking or considering breaking your fixed term tenancy agreement,
As a tenant under the lease, you will still have an obligation to maintain rent payments until the earlier of either of the two following conditions have been met;
Secondly, there are fees incurred when breaking a lease. These fees, however, depend on the overall length of the lease in addition to how long is left on the length of the lease. Fees that can be charged for breaking your lease;
Please note that there is no obligation for the Landlord or Agent to commence re-marketing of the property until the property has been vacated. It is, however, in the best interest of all parties to have the property re-leased as quick as possible therefore we recommend the following points if marketing is to commence prior to vacating the premises;
Lastly, If the rent achieved in re-letting the property is less than what you’re currently paying then the landlord can claim for “Compensation For Loss Of Rent” for the duration of the lease. As an example;
There are 12 weeks left on your lease at the point where a new tenancy commences, you were paying $500 per week, however, the new lease is only at $480 due to a softening market.
The difference between your lease and the new lease is $20, therefore the Landlord can claim $20 x 12 weeks as a loss of rent.
After considering you options, if you would like to continue with breaking your lease you can fill out the following form;
If you have any questions feel free to contact your Ray White West Torrens property manager on 08 7070 0595