Are you a renter who is looking to get out of their lease early? Well, the good news is that you are not alone. It is not uncommon for renters to seek an early release from their lease agreements so, plenty of them do attempt to. The reasons for wanting to break a lease early varies from one renter to another and may also be because of issues with the roommate, landlord or rental unit or they simply need to relocate. Regardless of how good your reasons are however, it is paramount that you know what the possible consequences of breaking a lease agreement are and that you are prepared to deal with them before you go asking your landlord if you can break the lease.
Since a lease is a legal contract that bounds you to its terms for the time period that you agreed to, then getting out of it is not as easy as just putting in a request with your landlord. Some management companies and landlords are flexible and might be willing to come up with an arrangement that suits both parties, but they are not obligated to do so. Therefore, even if your landlord is accommodating, it doesn’t exempt you from facing the consequences of breaking your lease agreement.
Consequences of breaking your lease agreement
Breaking any type of legal contract comes with inherent risks and when it comes to a lease agreement the risks are usually financial. The consequences of breaking a lease may also extend further into legal action thus affecting your future as a renter. If lucky, your landlord will simply ask you to stay on a paying tenant until she or he can get a new one to take over. If this is the case, then you can ask to assist in any way, might be availing yourself for showings or putting up posts for the listing. According to cosmos values, the more hands on deck, the faster you will be at finding replacement.
But what if you are not so lucky? Here are some of the things you might face, should you opt to break your lease agreement.
If your landlord is not that flexible or willing to agree to an arrangement, then you may end up facing a lawsuit especially if you are deadest on getting out of your lease early. As rare as it is to end up in court because on an early lease termination especially when you have been a model tenant, it is still a possible outcome that you should be aware of.
If you are an otherwise good tenant who’s responsible and abides by the terms, set out by your landlord then you ought to be fine. If the landlord agrees to let you go but suggest you pay some fees then do so and if they say can’t get out of the contract then continue paying the rent and move elsewhere or just stay till the time period of your agreement expires.
When you signed the lease you agreed to pay a certain amount of money for occupancy for a set period of time. Keep in mind that landlords are running business, this means that they won’t be in a hurry to give up the financial terms of the contract. As a result, breaking your lease will come at a hefty price and sometimes the fine is equal to one or two month’s rent
Trouble renting your next apartment
Since most if not all landlords want a tenant that they can trust, having a history of breaking leases early will not be good for you and even if it just happened once, it may strike them as a red flag.
Hurt your credit score
When creditors want to know about your past relationship with debt, they simply look at your credit score which features numbers attached to your financial identity. These numbers are used for everything including getting loans, buying cars and even finding your next apartment. Therefore, defaulting on the fines associated with breaking your lease affects your credit score.