Also known as a ‘Break Lease’, there is provision in the legislation to allow Tenants to end their lease agreement early.
Both parties (Owners and Tenant) have responsibilities in this case to mitigate losses on both sides.
Tenants are responsible to compensate the Owner for rent payments due until another tenant is placed, or the end of the lease (whichever is sooner). They may also be required to reimburse Owners for any extra expenses such as Letting Fee or advertising costs incurred to find new tenants.
Owners must do all they can to mitigate the Tenant’s loss by finding replacement tenants (through their Agent).
Once a replacement tenant is found, the Agent determines the ‘revised’ lease end date to be the day before the new tenants start their lease. The vacate process is the same as a normal lease end, and final rent owed is calculated to the ‘revised’ lease end date.