Guest petenic63

rental take over

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    Guest petenic63

    Hi just need some advice we have four months left on our rental (4 bed with pool kidman park) and want to move somewhere smaller, have seen that people are wanting to take over rentals does that mean that they take over the existing rental agreement , or do we have to wait until the lease is up , would we get our bond back in this instant have tried talking to the agent but they blind you with figures trying to put you off i sure would be grateful for any info thanks nicky

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    We have a rental in Adelaide, but at present are back in Uk, trying to sell our house.

    My rental agreement states that I can cancel it, but would have to pay the costs of advertising etc until a new tenant is found. At a previous rental we visited where somebody was looking to break their lease, they were advertising themselves to fill the rental, but advised that we would have to negotiate with the landlords the price and terms, which was likely to be increased on what they were paying, and also for a 12 month term, I guess this would apply in every case, as the Landlords would be looking for longer leases.

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    Guest petenic63

    thanks for that, we have looked into how much it would cost us but paying rent ect for another five months and also renting something cheaper doesnt balance the books so i suppose we will just sit tight for the mo ,

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    Guest wannabeausies

    Hi Nicky,

     

    We are in a similar situation with our rental at West Beach and have been given the following advice from the agent re breaking the lease, I guess it works the same for most of the agents...

    We have a six month lease and if we vacate the property before the first 3 months have passed we will have to pay a $363 re-letting fee, plus a $70 advertising fee, (totals $433) plus $330 per week rent until a new occupant takes on the property. However, if we find a tennant they will not charge us the advertising fee and may drop the re-letting fee slightly (they won't drop it totally as they have to spend time vetting new applicants and preparing new contracts.

     

    If we break the lease after 3 months have passed, there is a formulae they use to calculate your fees, the one our agent uses is:

     

    How many weeks left on tenancy at time of vacating (ie) 12 weeks

     

    multiply by the letting fee (as above) $363

     

    divide by 3/4 of original 26 week agreed tenancy (19.5 weeks) = $223

     

    PLUS

     

    Number of weeks left on tenancy (ie) 12 weeks

     

    Multiply advertising fee (ie) $70

     

    Divide by 3/4 of original 26 week agreed tenancy (19.5 weeks) = $43.

     

    THE TOTAL OF THE FORMULAE = $266 (plus however much your weekly rent is until the end of the tenancy if there is no one to take it on).

     

    From above you will see its more cost effective to break the lease as late on as you can.

     

    It all sounds a bit complicated I know, but I used to be in Real Estate before leaving the UK so it self explanitary to me and I don't mind helping you if you have any other questions. I'm also setting up a house find service for UK people who are in the process of trying to find a rental here in Oz whilst still in the UK (I'm sure you'll remember none of the agents being forthcoming) and also assisting UK arrivals with buying or renting when they are here, so fire away if I can be of assistance.

     

    Whilst on this subject on rentals, we are looking for a 4 bed with pool, (maybe we could do a swap?) we have a 3 bed plus study house with seaviews 100 metres from the beach at West Beach, even if that doesn't interest you we could still be interested in yours as we would like a pool. Please contact me with details...

     

    Regards Clare.

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    Guest petenic63

    hi clare , thanks for the info, we have decided itnmay be too expensive at the mo , however you are quite welcome to come and have a look at the house if you want let me know, nicky

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    Guest wannabeausies

    Nicky,

     

    I'm new to poms in Adelaide forum (hence only 2 posts!) I don't know if you can private message each other to swap email addresses or tel numbers, but it would be good to know what you are paying weekly and possibly have a look.

     

    Clare

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