Surrendering Your Lease
A lease is a legally binding agreement and it is not always simple to get out of. It will depend on the landlord and whether the landlord is willing to compromise with you as to whether exiting your lease agreement is possible. If you are thinking of trying to terminate your lease you should firstly give your landlord as much notice as possible. Giving them a reasonable amount of notice may mean they are more likely to agree to let you leave your lease early as it will give them time to prepare, research and consider new tenants. Surrendering a lease is the best option for your as a tenant although it may not always be a viable one.
What Is Lease Surrender?
Although the market is not strong at the moment, it may still be possible to surrender your lease. A lease surrender is when a tenant is allowed to exit their lease and is no longer subject to any of the terms contained within it. However, any breaches of the lease which occurred whilst the least was still in force will still be enforceable by the landlord via law. Therefore, if you are thinking of surrendering your lease you should make sure you negotiate not only the lease surrender but also how any breaches are going to be dealt with. You can surrender a lease via operation of law or surrender by deed.
Alternatives To Surrendering Your Lease
Subletting the property: This will not get you out of your lease and will still leave you with some responsibilities to the property, such as have to collect rent from your new tenant - but it will let you move on from a property for whatever reasons you have - such as it being inappropriate for your purposes.
Transfer the lease: If you find a new tenant for a property it may make your landlord more likely to let you exit the lease. This is because finding a tenant for a property is often the most difficult and stressful part of letting a leasehold property. You may still be tied to the landlord in some ways but this will depend entirely on your original lease agreement.
Legal Advice
If you need legal advice regarding the surrender of a lease or the alternatives you can pursue if lease surrender is not possible, you should contact a lawyer who specialises in property law today.
About the Author
Ducat Law specialise in property law in Kent. http://www.ducatlaw.com/Wherever you are in Kent, these Orpington Solicitors can help you http://www.ducatlaw.com/contact-us-office-details/
Tell others about
this page:
Comments? Questions? Email Here