The cost of breaking a lease

[Guest markmet]

Hi

Can anyone who has broken a lease let me know the cost involved please. We have informed our agent that we will be breaking our lease, an she has replied with an email informing us of the considerable cost of doing this. Our lease was for 12 months. By the time we move out we will have rented for 6 months. Any info/advice anyone?

Thanks

Chris

[Guest WhatNow?]

Have you considered advertising for a replacement tenant? This is what most people do in these circumstances. You have to pay the costs of the advert plus any rent while the property is empty but it's better than facing paying 6 months rent for nothing! I doubt the landlord would be very happy with an empty house for this long anyway, even if the rent was paid.

[Guest markmet]

Hi

Yes we have put an adevert on here and do have a couple of people interested. Just wanted to know the facts of what costs we can expect should they not want the property.

Thanks

Chris

[Guest WhatNow?]

You can also advertise with a Real Estate Agency - some people find that gives better results - last I heard it cost about $200 and it goes onto RealEstate.com. Worth asking if your two interested parties don't amount to anything.

[Guest katsmajic]

You are responsible for the advertising costs and the rent until the property is re let - however - it is expected that no more than 4 weeks rent would need to be paid as any decent property would be re let with in that time.

(As stated to my friend, & me, by the tribunal folks)

 

Im sure you'll have no problem filling the house quickly.

[Guest hrubieszowianka]

I have just broke lease, 8 months before the end of contract. I was told I will pay for advertising cost and will have to pay rent until the new tenant moves in. In the end I haven't been charged any fees, only had to pay extra 1 week rent. There were loads of applications for the house, rental market is very busy.

[Guest markmet]

Hi

Just wanted to say thank you to you all for your replies. You have given me an idea of what to expect an after all, forarmed is forewarned an all that. Just needed a bit to go on so thanks for providing the info an I will now see how things progress.

Chris

[Hayshake]

We have just broken our 12 month lease after 7months. We told the agents in plenty of time, so they held an open, which 2 lots of people attended, and fortunately 1 of them wished to take on the rental.

We were very lucky, as they plan to take it from the day after we leave. We have incurred a charge of A$490 for the re-letting, but if it had not been let then we were aware that we would be liable for the weekly rent right up to the end of the lease.

If you are thinking of renting, especially on a short term basis, try to find a rental that would appeal to other people. Fortunately ours was new when we moved in and is pretty good.

[Guest adelaidegirl]

And be aware that whilst many landlords have to pay up to two weeks rent to their agent as a re-letting fee, you only have to pay a proportion. So if you are on a one year lease and break it at the six month mark you are only up for 1/2 the re-letting fee. The application of any replacement tenant you find may not necessarily be accepted, so don't spend heaps on advertising. As a landlord myself I much prefer to find my own tenants via advertising and open inspections. As one of the other posters has already said, in this market a decent house will likely rent out very quickly so you shouldn't have a problem. I have just had a broken lease on one of my properties and it re-rented straight away, with minimum cost to the old tenants.