What is the best way to get out of a year lease?

Question

If we just left, what will happen? Does it mess up our credit in any way? we do realize that it would be a reference lost, but at this point, we can't afford it anymore. We've thought about sub letting it, but if we just let them evict us, what will happen then?

Answer 1

Sometimes you do what you have to do.  Yes it will hurt your credit, and they may take you to court - if they can find you.

Answer 2

Eviction will mess up your credit!

Leaving owing rent will mess up your credit!

Joining the military allows you to break a lease with no penalties once you go on active duty.

Answer 3

THINK before you sign anything and READ it first

READ what the penalties are for breaking your lease

Your LL can sue you for rest of lease term, which shows up on your credit and background checks

And most new LLs want to know your last LLs name and why you left after such a short time there--I wouldn't rent to you

Best option, most mature course of action, is to go to LL and tell them that you overextended yourselves and need to leave. . . . .throw yourself on their mercy and ask what can be worked out. . . . .YOU are in the wrong and you will and should, have to pay something. . . .Cooperate fully with LL and leave on good terms

Answer 4

TALK TO YOUR LANDLORD... if you leave they can take you to court for the remainder of the lease, get judgment against you and collect through garnishment of your wages or whatever else is legal in your state. When I rent a place out, I tell them if they tell me they need out, I will simply advertise the place for rent and will need to show it to prospective tenants until I get one who qualifies. Now you need to stay there and are obligated to pay until a new one is found, but that is what you signed up for. Don't just leave, because if he takes you to small claims court you will lose and will owe the money anyway. A reasonable landlord should let you out of it when he finds a new tenant. Let me know if you have other questions

Answer 5

The landlord does not have to let you out of the lease without it costing you $$$.

You have three choices in this situation:

1. Offer to pay to advertise the rental. Offer to have the rental in show worthy condition and allow showings as often as needed in order to get a replacement tenant. Offer to stay until the replacement tenant can move in. This way, the landlord suffers no loss of rent, you are not paying for a place in which you do not live and all you are out is the advertising costs. Your credit and rental histories will not be affected.

2. Negotiate a lease buyout with the landlord. Start by offering the amount equal to 2 months rent. The landlord may require another month. If you come to an agreement, get it in writing. This way your liabilities end with the lump sum payment. Your rental and credit histories will not be affected.

3. Move out without any agreement. The landlord can hold you liable for the rent until either the lease expires or a replacement tenant is found. The landlord can hold you liable for any costs he incurs due to your breach, such as advertising costs, agent fees, etc.

If you do not pay the amounts above, the landlord can sue you. The judgment will include not only the costs mentioned, but court costs and accrued interest until the judgment is paid.

Your rental and credit histories will be ruined. The judgment can be renewed for up to 20 years and the landlord can garnish wages or bank accounts, place liens on (future) personal property, etc.

Future landlords will deny renting to you due to the unpaid judgment. Many employers check credit, so you can be scrutinized for having the open judgment against you. Insurance companies and other creditors pull credit and adjust your rates dependant on your credit, so you will be paying higher rates for many years.

You cannot sublet unless the landlord gives you permission to do so.

Subletting can be a bad idea, because you are essentially the subtenants landlord and remain liable to your landlord for the entire lease term. If your subtenant fails to pay rent, damage the place or default in some other way, you are responsible to evict them. You are still responsible to pay your landlord any rent or damages owed. You then have to sue your subtenant to collect from them.

Answer 6

Hi,

You should talk directly with you Landlord or Management Co.  Do not get evicted unless you want this on your permanent record which could ruin your credit and rental chances in the future.  Most Landlords would rather have you move early than go through the legal channels to have you evicted.  Don't stiff this Landlord.  If you do, you're just a dirt bag. Also, a Landlord can mess you up way worse than you can to them, so don't be stupid.

Answer 7

There are very few legal ways to break a lease - that is the POINT of having one.

That said - you are breaking your lease, which is a legally binding contract - you will lose your deposit and probably have to pay many other fees as well. Read your lease.  It will spell out what your penalties are for breaking your lease.

YES- it can show up on your credit if they choose to report it.

if they evict you THAT will go on your record as well and make it VERY hard to rent another place.

Answer 8

Your best choice is to buy your way out of the lease.  No landlord wants to force you to live there if you can't afford to pay.  Get as much cash as you can and make the landlord an offer.  Is she says no, she will ding your credit and possibly get a judgement against you.  You won't be able to buy a new car with Zero % Financing.

Answer 9

During the dot com bust I saw this happen often.  If you are in an economically desperate situation, chances are, you may not be the only one.  The economy stinks right now and people are  being downsized and laid off.  

If your landlord is a decent person with a little common sense, chances are, he/she will be more than ready to work with you.  You might be able to renegotiate your monthly rent.  When the technology people were in exodus from the silicon valley...we wanted to keep our units filled.  During the boom, rents were exhorbant, so we did adjust accordingly, during the bust so we might prevent yet another vacancy.  Some rents were reduced anywhere from 100 to 400 USD per month.

Additionally, the landlord can also work with you to rerent your place and relieve you from your lease obligation.

I'll tell you a Secret:  Landlords don't like going to court.  Evictions are very expensive for them.  So, be brave, be bold, go see your landlord.  Ask about

*rent reductions

*partial payments

*relocating to a smaller/cheaper on site apartment

*breaking your lease and what you will be requyired to pay.

*any local housing assistance resources..like the red cross..in my community they and other local orgs would cover utilities and one month's rent for people in a cash strapped emergency.

Good luck.  Hope my info helped and I hope you get on your financial feet:)

Best Wishes    

Answer 10

Tell your landlord that you can't afford the rent.  he might lower the rent if you are good tenants.  Other wise if you move you will lose your deposit for sure and depends on what the laws are in the state where you live what else will happen