Fixed Term Contracts

_nam11

For tenancy agreements. I am aware that FTC's Are an agreement to pay the rent up until the end of the contract.

Basically I have been living in a private rented flat for the last two and a half years. The tenancy expires at the end of May 2014.

The landlord called me last week to advise me that she is planning to sell, and a couple of valuations will be taking place.

This is understandable, and I have decided to move back home to save for a deposit on a house.

My agreement does state, that I have to pay rent up until May, if I choose to vacate early. However...

Is there anyway around this at all? The earlier I move out, the better for me! But I completely understand it's not fair on the landlord to lose out money.

Is the only feasible way out, in that, the landlord finds an alternative tenant to "take over" my tenant agreement?

I'm pretty sure I will just have to stick it out until May, but thought I would put it on here, for any further help/advice.

Thanks

golfaddick

I doubt if anyone will want to take up your tenancy agreement for 4 months, knowing that the landlord is selling up in any case. You may well find out that your landlord is able to sell before My and may want you out early anyway - best speak to her and find out. cards on table time methinks.

_nam11

Thanks Golf.

Literally just got a text from her:

Hi sorry was at the gym. Ok I'll ring around tomorrow and see what I can get. Hold fire for the mo (looking elsewhere to live) as the price we for quoted from first valuation was a lot less than it said on zoopla so if the others are a similar price we won't be selling.

So it may not be just for four months...

Fingers crossed.

_nam11

The only way she would want me out early was if a buyer was ready immediately? How long does it take on average to buy properties??

randy andy

Estate agent recently told me to expect 2 months for a freehold (from offer to completion) and 3 months for a leasehold. So that's a very rough range for you.

_nam11

Cheers Andy. Great insight

CatfordCat

Depends very much on what your tenancy agreement says.

If you are in the initial period (usually 6 months) of a tenancy, then legally, they are right in saying that you can be held to pay the rent for those 6 months if you try to leave earlier.

(I'm assuming by the way that you're in England, and have an Assured Shorthold Tenancy - housing law is subtly different in the 4 countries of the UK)

Once the initial 6 months is up, there is absolutely no need for a new contract / tenancy agreement - it should become a 'periodic tenancy' which basically means it can keep going until one or other of you gives notice (generally 2 months)

However, a lot of letting agents try to persuade everyone that a new 6 month agreement is compulsory at that time, so that they can charge both landlord and tenant a rip-off fee for producing a 'new' document by changing the dates on the existing one...

http://england.shelter.org.uk/get_advice/your_housing_situation/private_renting may be worth a look.

In the circumstances, landlord may want you to stay there paying the rent as long as possible; they may be quite happy with you moving out sooner so that potential buyers get to see an empty place, not one with a sitting tenant (buyers may fear you being difficult about leaving) - alternatively if a buyer wants the place as a buy-to-let, then they may be happy to buy the place and take on your tenancy (I'm sure there is a proper legal process for such an event, but I'm a bit vague as to what it is.

All I can suggest is talk to the landlord.

You will also need to read your tenancy agreement to see what the deal is about viewings happening while you're still a tenant - you may find you're obliged to let potential buyers come and view the place.

_nam11

Thanks. Really useful.

It is indeed an Assured Shorthold Tenancy. I have noticed that the agreement states the agreement period is 29th May 2013 to 28th May 2013 (clearly a typo!).

Here is the only bit I can find (not used to all this contract stuff!!)