What to expect when you need to break a lease for an Adelaide Hills rental.

There are all sorts of reasons why leases end early. Unforeseen events occur, both good and bad, that require people to end rental leases. In many cases, it’s for a wonderful reason – buying a house.

Date:

05-Aug-2021

Tags:

Author:

Amanda Smith

What to expect when you need to break a lease for an Adelaide Hills rental.

There are all sorts of reasons why leases end early. Unforeseen events occur, both good and bad, that require people to end rental leases. In many cases, it’s for a wonderful reason – buying a house.

As property managers, we’re always thrilled to help support Adelaide Hills families become homeowners, even if that means breaking a lease. But there are, however, some important details you need to know, as the landlord is also affected.

That’s where we come in, as your property manager, to help oversee the change and ensure the best outcome for both sides.

How are lease break fees calculated?

Because leases are a fixed-term tenancy and it’s a legally binding contract, leaving it early does come at a cost. That fee will be different for everyone, as it’s based on a formula that considers three aspects of your situation:

  • The length of the tenancy
  • How long you’ve lived there
  • The weeks or months left on the lease.

This pro-rata fee will be determined by your property manager. You’ll also be responsible to pay the rent until the new tenant is secured (midnight, on the day before the new tenancy begins), as well as the water charges.

Engage your property manager as soon as possible to give as much notice to the landlord as you can. The market is moving fast, and most properties are leased after one open inspection. Keep the property in great condition and be flexible with your property manager who’s working to mitigate loss for the landlord and reduce costs for you, the tenant.

Prepare the house for the next tenant and work with the property team to arrange the inspection and negotiable the best outcome for all. If you’re juggling the purchase of a property with the end of your current lease, be aware that you’ll likely pay rent and a mortgage (or double rent, if you’re going into a new lease).

This is why it’s handy to lean on the professional and emotional support of your property managers, who do this every day. At Nitschke, we’re here for you, for life. We’re here for you and your family, through every chapter – renting or buying a property, selling, or investing in the Adelaide Hills.

https://youtu.be/nKHD-Sou2fI" target="_blank">Get in touch with our property managers and real estate agents to discuss your situation and future goals. We’re here to help navigate you happily to (and from) the many places you’ll call home.