Does anyone know much about lease agreements?
We have a 12month lease but want to get out of it early. Can we do that?
Will it cost us money to terminate our lease early?
Will we lose our bond?
And most importantly, can it affect our credit rating?
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12-01-2013 13:06 #1-
- Join Date
- Dec 2012
12-01-2013 13:12 #2
There will be fees associated with breaking the lease. Do you have your actual tenancy agreement handy, as that list them all?
Usually you have a break lease fee (mines 1 week rent)
You will have to pay rent until new tenants are found.
I think they can charge and advertising fee as well unless that just falls under the break lease fee?
It wouldn't affect your credit rating or you bond so long as everything is paid for/ the property clean and of standard when you vacate.
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12-01-2013 18:25 #3
We went through this recently. We had to pay a $250 fee (re-letting and advertising fee) for breaking the lease and had to continue paying rent until it was re-leased or our lease ran out - whichever was sooner. Also, I don't think it should affect your credit rating.
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12-01-2013 18:31 #4
Yup, I had to keep paying rent until a new tennant was found, three months later!!!! And an advertising fee.
12-01-2013 18:36 #5
You will have to pay rent until new tenants are found, unless the owners are ok with you breaking the lease. It shouldnt cost a fee. You wont lose bond unless there is something wrong with the house or you dont pay the rent until the time a new tenant is found.
Im unsure about te credit rating but as i see it you arnt doing anything wrong and as long as you pay the rent on time it shouldnt be a problem.
ETA: Ours didnt cost a fee. Maybe as the owners were ok with us just leaving. We didnt have to pay rent from our move date.
Last edited by IndigoJ; 12-01-2013 at 18:41.
12-01-2013 19:06 #6-
- Join Date
- Dec 2012
Thanks heaps. Paying rent for a few months while they find a tenant defeats the purpose abit for us as we want to move for financial reasons. Looks like we might just stay until much closer to the end of the lease, I really don't want any headaches and if I'm paying anyway I may as well stay. Its not a nice property so who knows how long they'd take to get it re-leased, when we were looking there wasn't much interest in it
12-01-2013 19:31 #7
Rental arrears cannot be listed on a credit rating so even if you owed loads of money it will never effect your credit rating, ( only the landlords if the mortgage is defaulted!)
you could be listed on a tenant database if you owe rent or cause damage and don't fix it which may effect your rental history making it harder to get another home
as pp has said you will have to pay a breaking of lease fee and any advertising as the owner had to pay it to the agent to find you so it is only fair you pay it if you break the agreement early
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12-01-2013 19:36 #8
12-01-2013 19:39 #9
Hi, I just wanted to say that I am in Vic and have broken a rental lease early. We had to pay $200 advertising fee (this will differ from lease to lease but must be listed) and then rent until a tenant was found. They Cannot keep your bond for breaking a lease. I called the Tennant union of Victoria for advice and they said to NOT continue to pay rent after we moved out. Legally I was required to pay for the property until a new Tennant took over but I only had to pay after the new tenant was in and the billed me the difference. Otherwise, the union said, there was little incentive to find a Tennant quickly.
This made little difference as I was paid 4 months in advance so they had to refund me anyway lol but it is a good point to remember!
good luck with whatever you decide
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12-01-2013 23:38 #10
Re: Rental Agreement?
What happens varies state by state, so where abouts are you?
Another possible option is to give notice to break your lease, and discuss with your agent that you want to stay in the property until a new tenant is found. That way you won't have to pay as much double rent, still probably some, but everyone pays some.
People break leases all the time, so long as you keep paying your rent, and leave the property clean then you won't have any problems.
Good luck. :thumbup:
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