What Happens if You Want to End Your Lease Early?
By Stephen McCarthy
It is not an unusual request that a Tenant/Lessee calls me with a request to end their lease early.
Quite often it is about a new job or transfer. Or perhaps you want to buy a place of their own.
Either way you want to move on from the lease obligation.
The 1st thing to do is review the lease. What are the terms and end date. Maybe it is not a lease but a tenancy at will which has more flexibility.
Once you understand your obligations under the lease you should ask the Lessor to discuss any options they might consider. (Your lease may even have contingencies built in for an early termination.)
Depending on market conditions and their own plans the Lessor might offer you favorable terms and let you break the lease.
If ending the lease early is not an option find out if they will let you sublease the space or even better let you find a substitute Lessee.
If the owner allows a sublease you will still be responsible for the lease payments if the sublessee defaults.
If the owner allows a substitute you will no longer be responsible for the lease agreement.
Over the years I have found many substitute Lessees willing to rent an apartment for the remainder of the existing lease term or to start an entirely new lease agreement.
As the existing tenant you will remain responsible for your lease until the replacement is signed up and approved by the Lessor.
Note this all applies for a roommate situation when one person wants to leave and the others want to remain. Either way all parties to the Lease Agreement have to agree in writing.
