HOT TIP – Renting / What Happens When You Need To Break Your Lease Early

When you sign up to lease a home, you are signing up to do so for a definite period of time. We know that life throws us curveballs and in some cases, you may have to break your lease and move somewhere else.
Unfortunately breaking a lease can have quite costly consequences, but we hope these following tips help minimise the expenses and stress. 

Give Notice

Make sure you always give written notice of your intent to leave. Out line your reasons for needing to break the lease and when you plan to move out.

 

What Are The Penalties?

Tenants who break a lease need to be aware of the costs involved and be prepared to pay them. Usually you are required to keep paying rent until a new tenant is found. This can sometimes include other owners expenses like, advertising fees and lease preparation fees.

 

Exceptional Circumstances

The rules for ending a lease very from state to state, but most residential tribunals allow for exceptional circumstances.  Exception circumstances can include death of a co-tenant, sickness, breach of contract and financial hardship.

A tribunal can decide in favour of the tenant, and in this case, the reletting fees may be waived.

Click the link below to read the details for  ending a tenancy in NSW –

 

If you have any question, feel free to give a call to discuss !