Tenant ending contract early

steampowered

we are now panicked that we will be footing the mortgage payment next month

I don't mean to be unkind, but I find this kind of statement a bit concerning. If you would struggle to handle one month's mortgage payment, I wonder how you would handle emergency repairs; longer void periods; the increase in your mortgage that will come with higher interest rates (as is very likely to happen in the next few years) and all the other things that come with being a landlord?

It suggests you could be risking disaster by taking on too much debt. Do consider the risks and costs associated with what you are doing.

They cannot but they often do. If they do a runner there's no much the OP can do beside chasing through other means. Sadly even if the tenant stays put and doesn't pay rent, the OP is in the same shoes and has to go to courts.

Legislations really need to be reformed as tenants have way too much of a upper hand with these matters.

I don't see why any of this is a problem. Being a landlord is a business like any other. It comes with the risk of non-payment. If you don't get paid, you have to go to court. Same as any other type of business.

It is possible to purchase insurance to cover non-payment of rent. If you decide not to purchase the insurance I really don't see how that is a legislative problem. It isn't government's role to treat you like a child, if you want to be a landlord you should be able to deal with the risks.

Pixie5740

It sounds like this is going to be a bit of a learning curve for you.

You are correct that a verbal offer from a guarantor isn't worth the paper it's written on. For a guarantee to stand up in court it had to be executed as a deed and the guarantor had to see a copy of the tenancy agreement before signing the deed.

If you had created a joint tenancy instead of one in just her name you'd have had two people to pursue for the rent through court.

Whilst your tenant is liable for rent until October and it's not really on that she wants to leave early negotiating an early surrender with her was probably the smart move. Getting her out and new tenant in sooner rather than later will hopefully minimise your void period. The alternative could end up with no rent paid for months plus legal costs which would be paid for you since your finances appear to be so precarious that one month without rent would stretch you.

It's one of those cases where the law is on your side but sometimes it's just better to take the easier path.

bambos

Thanks for all of the advice and guidance I have learnt some valuable lessons on here. The tenant has decided that she is leaving at the end of this month and forfeiting her deposit.

G_M

bambos wrote: »

Thanks for all of the advice and guidance I have learnt some valuable lessons on here. The tenant has decided that she is leaving at the end of this month and forfeiting her deposit.

As pixie suggested, the wise move might be to just accept this, but to get in writing her surrender of the tenancy so there's no possibility of her returning.

And hope there's no damage since the deposit will seemingly be used to cover rent.

And get a forwarding address just in case.......

bambos

G_M wrote: »

As pixie suggested, the wise move might be to just accept this, but to get in writing her surrender of the tenancy so there's no possibility of her returning.

And hope there's no damage since the deposit will seemingly be used to cover rent.

And get a forwarding address just in case.......

Thanks, I've just recieved her formal notice via email and it states exactly what we agreed. I too, hope that there is no damage although we do always have a contingency fund which is used for damage or cleaning etc. It's not a lot (£1000) but it's something.

G_M

bambos wrote: »

Thanks, I've just recieved her formal notice via email and it states exactly what we agreed. I too, hope that there is no damage although we do always have a contingency fund which is used for damage or cleaning etc. It's not a lot (£1000) but it's something.

Arrange to meet her on the final day to hand over the key. Have a pre-prepared document stating that she is surrendering the property as from that date. Leave spaces for utility readings and complete these with her. Get her to add her forwarding address, then get her signature & add yours. Have 2 copies and complete them both, giving her one.

If there's damage, you can use the courts (if you can trace her).