Leaving rental contract early

[NerveAgent]

We are currently in the process of buying a house but our sellers purchase fell through so we are going to be delayed by a few months before any chance of moving in. Unfortunately our current landlord had a strop that we wouldn't sign for another 6 months (despite agreeing to rolling monthly when we moved in) and decided to kick us out and sell.

We are in a position where we need to rent again but maybe only for 2-3 months depending on how things go.

After speaking to a few letting agents its seems they aren't willing to give the game away much on what happens. One has mentioned re-let fees. Others are deliberately vague. The place we would rent would be a flat in Manchester city centre, so hopefully a quick re-let.

Has anyone been in a similar situation and how has it panned out? What did you have to pay?

 

[D.P.]

Technically you are responsible for paying for the rest of the tenancy agreement even if you don't live there and moved out. But typically the landlord/agent will try to find new tenants. You may be responsible to pay for many missing months until the new tenants move in, and can be charged additional re-let fees.
You also have to be careful of any other penalties. E.g. my contract is for 12 months and I received a discount in monthly rent for signing up to a 12 month contract. If I leave early then I will have to pay back the difference in rent. I would also be charged 1 month rent as a re-let fee.


If you don't want to stay for a 6 or 12 month period then you should not get a contract that effectively binds you to that period with penalties for non-compliance.
its like buying a mobile phone on a 2 year contract and getting it nice and cheap. The expectation is you will pay the monthly fees for 2 years so the provider can amortize the initial phone costs. If you try to leave the contract after 3 months then expect to pay large penalties.



Look for monthly lease accommodation or long-term hotel offers.

 

[NerveAgent]

We have looked at other options, anything short term is an absolute fortune. Literally double the price and difficult with parking. Its cheaper to sign for 6 months and at worst case pay some desperate doughys buy to let mortgage for 4 months.

I guess my question really is - is it in the letting agents/landlords interests to get it re-let or will they be extracting money out of us for the entire term. Has anyone experienced this situation?

 

[Mercenary Keyboard Warrior]

What will almost definately happen is they will try to extort every last penny out of you andthen relet asap to make the landlord more money and the agency more fees.

I had a similar situation a few years back, about 2 weeks before moving into a new house the rental fell through. We rushed and found a holiday cottage and agreed a good deal for the owners that also suited us. Actually felt like a holiday as well even though going to work etc

You probably dont get a lot of those in central Manchester but is it possibel to move just outside? If you can do similar you would be surprised how hard you can haggle for a decent let in that type of property well out of season. They expect it to be vacant, although if you clash with Easter you may have issues.

 

[NerveAgent]

The problem with getting something short term is -

a) We have no date. We are in this situation because the sellers are proving to be flakey. I would not be surprised if the sale fell through completely.
b) If we got a short term let then it fell through. We are back to square 1.
b) There is a lack of short term renting it seems.

I am of a pessimistic viewpoint that we are renting but might be buying a house rather than we are buying a house but need to rent for a bit.

I think I have a new question! Has anyone every let a house out on a short term basis? If we were to complete early it would financially make sense to let it out and it seems to fill a gap in the market?

 

[Amleto]

The problem with getting something short term is -

a) We have no date. We are in this situation because the sellers are proving to be flakey. I would not be surprised if the sale fell through completely.
b) If we got a short term let then it fell through. We are back to square 1.
b) There is a lack of short term renting it seems.

I am of a pessimistic viewpoint that we are renting but might be buying a house rather than we are buying a house but need to rent for a bit.

I think I have a new question! Has anyone every let a house out on a short term basis? If we were to complete early it would financially make sense to let it out and it seems to fill a gap in the market?

buy-to-let will need different mortgage and maybe extra things like liability insurance?