Surrender Tenancy?

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    Surrender Tenancy?

    Hi maybe someone can give some advice/insight into our current situation




    Me and my current flat mate were due to move out of our student accommodation. We were going to remain in London to start office jobs

    So we managed to find a lovely apartment. We had to move quick otherwise we would have nowhere to stay.

    We had less then a week to find a place.




    We then signed a 12 month contract with a 6 month break clause for a 2 bedroom fixed term




    Unfortunately, our circumstances have changed quickly. So quickly it’s only been 3 days since we moved in.




    We are both students in our 3rd year. We were both due to graduate next month and start working. This will still happen for me. Unfortunately not for my flat mate , who just received news that he will have to retake an exam. This news has brought some repercussions. As He cannot graduate next month and of course then cannot start work without his degree qualifications

    He will have to retake the exam and with no job now, will then have to return home until the next available graduation ceremony.




    As such we believe we can no longer be inhabitants of the property. We want to go to the agency in a quick manner so that we can find a solution that is best for both parties.

    We are willing to work with the agency to find a solution.




    We want to propose a “surrender the tenancy”

    Surrender occurs when both parties to a tenancy, the landlord and tenant, voluntarily agree to bring the tenancy to an end. Once surrender has taken place, all obligations and rights under a tenancy also come to an end.




    We hope that in coming quickly and in a transparent manner they will be willing to work with us.




    We understand that we are legally obligated to pay for the apartment and we will adhere to the contract until the agency finds new tenants and will take up any advertising costs




    We’ve already paid firsts months rent and a 6 week holding deposit.

    So we are willing to stay for the paid month.




    My questions are

    1. Do you think the agency will be willing to hear us out ?
    2. As we won’t be in the place for long will our deposit still be returned ? Or will they take it because of the inconvenience?
    3. How much costs can we expect ?
    4. Will the agency give us a grace to terminate since we haven’t been in the lease for longer then a week



    Any other advice is welcomed

    Thanks













    #2
    Finding new tenants is stressful and costly for a landlord.
    It costs me about 1 month's rent for the letting agent, plus lost income due to vacancy.
    I do everything except tenant find myself; other landlords may have additional costs, such as professional inventory on check-in and check-out.

    When you talk to agent/landlord be aware of the costs the LL may incur as a result of agreeing to a surrender of your tenancy and factor that into your negotiations.

    Comment


      #3
      1 - Possibly, but more likely not.
      2 - You're committed to the rent for six months, so that's the start point.
      3 - Six month's rent. Anything less than that is a win.
      4 - Probably not.

      The agents may be more cooperative because there's more money in it for them on a change of tenant. The landlord is less likely to be interested, as it will cost them money.

      Your friend may find that he still has a job.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

      Comment

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