Life can be unpredictable, and sometimes tenants need to leave before their fixed-term agreement ends. Whether due to job changes, personal circumstances, or unforeseen issues, early tenancy terminations can be challenging for landlords. However, managing them effectively can safeguard your property, finances, and reputation.
Check the Tenancy Agreement
The first step is to review the tenancy contract. Look for a break clause, which outlines how and when either party can end the agreement early. If there’s no break clause, tenants don’t have an automatic right to leave before the fixed term ends without your consent.
Communication Is Key
When a tenant requests an early exit, cooperation often yields better results than resistance. Open dialogue can lead to practical solutions, such as finding a replacement tenant or agreeing on a reasonable exit plan that covers your costs.
Agree Terms in Writing
If you permit an early release, ensure the terms are documented in writing. You might consider charging an early termination fee to cover void periods, referencing new tenants, or marketing costs. This fee should be fair and clearly explained to avoid misunderstandings.
Re-Letting Quickly
To minimise financial losses, begin re-marketing the property as soon as possible. Attractive listings, updated photos, and prompt viewings can help secure a new tenant quickly, reducing downtime.
Deposit Deductions
Even with an early termination, end-of-tenancy processes apply, including a final inspection and potential deductions for damage or unpaid rent. Ensure compliance with proper deposit protection rules to avoid disputes.
While unexpected tenancy endings are less than ideal, a clear process and cooperative approach can help manage them smoothly, often with minimal disruption. At Bond Residential, we’re here to assist landlords in navigating these challenges with ease and professionalism.
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