Getting out of lease due to financial difficulties?

[Anonymous]

We are in Montgomery County, and considering moving back to our old home which is now a rental, if we can't sell it. That way we can refinance it and ease the financial burden. Refinancing was not possible a couple of years ago, but now is, only if we occupy the home. The problem (well, one of them at least) is we signed a new 1-year lease on our current apartment, which begins in September. Has anyone been in a situation where they have been able to agree on a separation with their apartment's management company? Or are we pretty much stuck with this and need to find a tenant to sub-lease?

[Anonymous]

Well probably not what you want to hear but my friend recent did this. She paid half a months rent to break the lease AND had to keep paying rent until they found a new tenant. Luckily the area she lived in was very desirable and only took about a month and a half to find new renters

[Anonymous]

Make sure your lease actually allows you to sublease. Some don't.

[Anonymous]

If it's a house with a private owner, you could probably offer to help rerent it. That's what we did (although we were in it for 3 years, so our landlord liked us), and we just found them new renters to cover the rest of our lease.

Doesn't hurt to ask.

[Anonymous]

Two months rent is standard some require you pay the remaining lease. Nothing sucks worse than having to find a tenant in a bad season.

[Anonymous]

My tenant just broke her lease. She was required to pay an extra month's rent to cover the cost of finding a new tenant, and forfeited her security deposit.

[Anonymous]

This is OP - I just called the office and we actually still have a chance of giving notice since the new lease doesn't start until Sep 1. They need a 60 day notice. Now the dilemma is that we of course won't know if we need to move until August. DH says we should just give our notice, because that is lower risk - if the apartment hasn't been rented out, we get to stay, otherwise we have to find a new place, but that is better than paying the 2-month penalty.

Would you give notice now?

[Anonymous]

Read your lease

[Anonymous]

Anonymous wrote:This is OP - I just called the office and we actually still have a chance of giving notice since the new lease doesn't start until Sep 1. They need a 60 day notice. Now the dilemma is that we of course won't know if we need to move until August. DH says we should just give our notice, because that is lower risk - if the apartment hasn't been rented out, we get to stay, otherwise we have to find a new place, but that is better than paying the 2-month penalty.

Would you give notice now?

I absolutely would.

[Anonymous]

Give your notice, but stay in close contact with the office if you think your plans might change.