Ending a tenancy? Buying

SassySaver88

Hi guys

Wondering if someone can advise me
Been in rented accommodation for the last 6 years, when I last signed the tenancy it was a assured shorthold agreement for 5 years in 2015.
I thought this provided stability and enabled us to save at the same time, I did ask her to include a clause that if if we lost jobs or were ill etc we could come out of it as 5 years were a long time.

However since then, we are now in a position to buy our own place.
When looking over our tenancy agreement it doesnt suggest a break clause apart from unforeseen circumstances which I asked her to include and it suggests that we should terminate under mutual agreement or through me finding another tenant?

We have had our offer accepted on the new house but just wating for vaulation etc so have no idea of a completion date yet
Really unsure what to do and how to approach my landlord
Have been a really good tenant, paid on time and completed all jobs that needed completing by ourselves.

Can someone advise?

SassySaver88

Anyone can u help?

Pixie5740

Please quote the exact wording of the break clause in your tenancy agreement.

HampshireH

I would suggest trying to find a new tenant.

I assume money has been gifted or inherited as otherwise you would have been able to budget accordingly 2 years ago and would have known you would have been able to afford to buy. Thus not signing a 5 year contract.

Not sure of that's unforeseen or not if so.

Seems a little late in the day to start looking at your tenancy agreement when there is a real possibility you could be asked by the 'LL to pay the outstannding rent in order to terminate your tenancy.

You need to be honest with your landlord about your plans in order to come to a mutual arrangement.

However having an offer accepted is a little premature to be making arrangements. Depending on how near exchange you are you could still have quite a wait.

I would let your landlord know your plans. Come to an arrangement so they aren't messed around if your move it delayed. The landlord has the right to decline any arrangement if it doesn't suit them unfortunately.

SassySaver88

We signed a long term agreement as it suited at the time instead of a rolling contract when we could be made to move out at the drop of a hat.
Been saving for months and finally got enough for our deposit now, we werent even thinking about buying a home 2 years ago but buying means we can move closer to hubbys work so maybe unforeseen?
Would it be the same if we had to find a new tenancy closer to his work??

I do need to talk to them but not sure what to say exactly, we will be moving and im happy to continue to pay rent untill then as well as give up my deposit but not sure when that will be.

Solictors say around 4-6 weeks possibly more.

HampshireH

But your tenancy expires in what 2020?

If your 'LL doesn't mutually agree and or you cannot find a tenant you could be asked to pay the duration of the tenancy if there is no break clause. Or until you do find a tenant.

Depends on how helpful your 'LL is likely to be and what your relationship is with them

juniordoc

Be as open and honest with your landlord as possible, the more notice they have that you'll be leaving the better.
Unless they agree to release you then they could hold you to the 5 years so a little foolish to be putting offers in on houses to buy without having discussed this with the landlord first.
Do everything you can to find a replacement tenant yourself, ask your landlord what price he wants the property marketed at. Good luck!

kinger101

SassySaver88 wrote: »

We signed a long term agreement as it suited at the time instead of a rolling contract when we could be made to move out at the drop of a hat.

The landlord might argue the same. They wanted a tenant for five years. One that wouldn't leave at the drop of a hat. Now you've decided to drop that hat.

You need to;

(a) hold off on incurring any fees on the house purchase until you've resolved this.
(b) see if the landlord is happy to negotiate an early release from the tenancy. Offer to assist in finding a new tenant. They might come back with agreeing to terminate for £x
(c) see if you're still able to proceed with your purchase based on that amount.

As it stands, if the tenancy agreement cannot be broken, you'd be required to explain this commitment to your lender. It's is akin to having outstanding debt, and to not mention it might be considered mortgage fraud.

I think your landlord is likely to be flexible if there is a win/win scenario given.

G_M

It's unclear if a 'Break Clause' was included in the agreement you signed.

Was it? If so, what are the exact words?

* If there is no Break Clause, you are legally bound till 2020, unless you can negotiate something.

* If there is a Break Clause along the lines of 'unforseen circumstances', you are legally bound till 2020, unless you can negotiate something. Buying a property is not an 'unforseen circumstances' - it is something you could have foreseen and have clearly planned.

You need to have a friendly chat with your landlord and try to reach an agreement for an 'Early Surrender'. You may have to pay some costs to pursuade the LL to agree.

Cakeguts

SassySaver88 wrote: »

We signed a long term agreement as it suited at the time instead of a rolling contract when we could be made to move out at the drop of a hat.
Been saving for months and finally got enough for our deposit now, we werent even thinking about buying a home 2 years ago but buying means we can move closer to hubbys work so maybe unforeseen?
Would it be the same if we had to find a new tenancy closer to his work??

I do need to talk to them but not sure what to say exactly, we will be moving and im happy to continue to pay rent untill then as well as give up my deposit but not sure when that will be.

Solictors say around 4-6 weeks possibly more.

If you knew that as a landlord we have tenants who have lived in the same properties for 14 and 15 years on rolling contracts would you still think signing a 5 year contract was a good idea?

SassySaver88

I orginally asked the landlord for a five year agreement, house isnt brilliant but they left us to it and its close to schools...
It was security for all of us, plus it meant that they were getting rent and didnt need to make changes to the property because we werent complaining
All the jobs we have completed ourselves and paid the rent on time

2 years have passed we have saved because we wanted to eventually buy now we are in a position where we can
hubbys job move came up and it seemed a opportunity to take....strictly speaking an unforeseen circumstance? We didnt know he was going to be asked to relocate

Our break clause is written in ink at the bottom of an "online printed" tenancy agreement...how legal it is I dont know....states that in an event of unforseen circumstances then the tenancy can be changed or revoked. EG: Job loss/ death
This break clause was added after I mentioned it...