What happens when renters leave ahead of their tenancy agreement ending?
Mary-Anne Bowring 02/04/2020
2370
Understanding Why Tenants Leave Early
Many tenants sign contracts with the intention of staying long-term, but unforeseen circumstances or dissatisfaction can lead them to break their lease early. Understanding their reasons can help landlords respond effectively.
The Legal Standing of Tenancy Agreements
While tenancy contracts are legally binding, enforcing them through legal action can be costly and time-consuming. In most cases, open communication and negotiation are more practical approaches.
Addressing Tenant Concerns to Prevent Early Exits
If a tenant expresses a desire to leave, try to understand their concerns. If the issue is dissatisfaction with the property or service, addressing it might convince them to stay.
Negotiating Compensation for Early Termination
If a tenant wants to leave for non-financial reasons, landlords may request a break fee or ask them to help find a replacement tenant. This helps cover the cost of turnover without resorting to legal action.
When to Accept That a Tenant Cannot Pay
If a tenant faces financial hardship and genuinely cannot pay, pursuing legal action may not be worthwhile. Landlords may need to accept the loss and focus on re-letting the property instead.
Minimizing the Impact of Early Departures
Handling tenant departures professionally can help maintain a good reputation and avoid conflicts. A reasonable approach can prevent disputes that might damage the property’s rental appeal in the future.
Planetrent Properties
info@planetrent.co.uk
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Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.