Mortgage and Rent

housemoves

I’m currently in a rented flat and I’ve successfully bought a new home – or very nearly.

My AST is until the end of August and it looks like we’re completing in early April (not yet exchanged but soon to do so. I won’t be speaking to my landlord until we exchange). I signed a 12 month contract with no break clause last August. Our landlord privately manages our rental property. He paid an agency a ‘finders fee’ to get us in.

My landlord is very decent, and I certainly don’t want to leave him in a precarious situation financially. I have budgeted that I’d need a period of months where I’d have both mortgage and rent but I’d like to avoid this if we can come to a mutually agreeable compromise. Our landlord has done everything right and by the book (deposit covered, fire alarms, gas certificates are all fine).

My question…Is there anything I can offer the landlord to make it palatable for him to end the tenancy sooner? If he says no – that’s fine. I’ll continue as normal until August.

My thoughts are:
1. I find replacement tenants myself (with his agreement) and they cover the remainder of our lease
2. I offer to cover the cost of the finders fee that he pays the agency in return for letting us out early.

Any other suggestions or ideas? What has worked for people in the past.

Exodi

You seem like a really nice guy.

A lot of people just send a letter saying 'I'm ending my tenancy on X date' and take comfort in the fact that most landlords won't splurge time & money on taking them to court when they can just spend the time & money getting a new tenant.

I'd have a frank conversation with him, leaving it till you've physically exchanged is a bit unfair (since most people complete like, what, one week after exchanging?) and even now it's only a months notice but it's better than nothing.

housemoves

Thanks. He seems like a decent person so I'd like to think he's open to discussion. I'm also aware that he holds all the cards and he can say no if he wants - fair enough - I signed the contract.

I'd prefer not to have the discussion until exchange - I don't want to be left homeless if it takes longer than expected at the last minute because I don't have family close by. Equally, I wouldn't leave him in the lurch with just a few weeks notice - 1 months cross over benefits me anyway. I can move in my own time.

Exodi

housemoves wrote: »

Thanks. He seems like a decent person so I'd like to think he's open to discussion. I'm also aware that he holds all the cards and he can say no if he wants - fair enough - I signed the contract.

I'd prefer not to have the discussion until exchange - I don't want to be left homeless if it takes longer than expected at the last minute because I don't have family close by. Equally, I wouldn't leave him in the lurch with just a few weeks notice - 1 months cross over benefits me anyway. I can move in my own time.

Seems sensible but your comment about him holding all the cards worries me you'd be willing to pay 6 months rent whilst not living there - as I said, a lot of people I see on this forum just say "I'm leaving on X date".

But hard to tell how he'll react, good luck.

Comms69

housemoves wrote: »

I’m currently in a rented flat and I’ve successfully bought a new home – or very nearly.

My AST is until the end of August and it looks like we’re completing in early April (not yet exchanged but soon to do so. I won’t be speaking to my landlord until we exchange). I signed a 12 month contract with no break clause last August. Our landlord privately manages our rental property. He paid an agency a ‘finders fee’ to get us in. - Why did you sign in August if you were looking to buy?

My landlord is very decent, and I certainly don’t want to leave him in a precarious situation financially. I have budgeted that I’d need a period of months where I’d have both mortgage and rent but I’d like to avoid this if we can come to a mutually agreeable compromise. Our landlord has done everything right and by the book (deposit covered, fire alarms, gas certificates are all fine). - Excellent; though lack of those would not change your responsibility to pay rent

My question…Is there anything I can offer the landlord to make it palatable for him to end the tenancy sooner? If he says no – that’s fine. I’ll continue as normal until August. - Pay him to end it?

My thoughts are:
1. I find replacement tenants myself (with his agreement) and they cover the remainder of our lease
2. I offer to cover the cost of the finders fee that he pays the agency in return for letting us out early.

Any other suggestions or ideas? What has worked for people in the past.

It varies massively. The ultimate answer is money talks. Pay him to end it