Tenants are wishing to break their leases for a variety of reasons. Some tenants are seeking cheaper rentals and others are taking advantage of the lower interest rates and deciding to purchase their own homes. Whilst these sound like appealing options, it is important to be aware of the financial penalties that you as a tenant may occur in breaking your lease.

Financial penalties

Costs for breaking leases only apply where there is a fixed term contract in place. This means that there is a contract to rent the property for a specified period of time. Tenants renting via a periodic lease, where there are no fixed dates, need only give 21 days written notice.

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