Hi,
I’ve just received notification that a tenant is going to break a lease (barely two months into a 12 month). Ironically, it is for the same reason I posted something about yesterday- http://www.somersoft.com/forums/showthread.php?postid=41576#post41576
That’s OK, the tenants are aware that have to pay the reletting fees, and rent up to whenever new tenants start paying.
I would have liked to have taken the opportunity to tart it up a bit before reletting- however, PM advises that because it is a broken lease situation, I cannot raise the rent until the end of the existing lease- and so any reno work would be a waste.
I would have thought that tenants and landlord could mutually agree to break the lease- say if they paid four weeks rent (notice given is 2 weeks time), and I wore reletting and vacancies. (Demand is high here, but I would have had the right to ask for rent while I was renovating).
I guess I would have to make sure reno would add enogh to the rent and/or value to be worth while.
I’ve just received notification that a tenant is going to break a lease (barely two months into a 12 month). Ironically, it is for the same reason I posted something about yesterday- http://www.somersoft.com/forums/showthread.php?postid=41576#post41576
That’s OK, the tenants are aware that have to pay the reletting fees, and rent up to whenever new tenants start paying.
I would have liked to have taken the opportunity to tart it up a bit before reletting- however, PM advises that because it is a broken lease situation, I cannot raise the rent until the end of the existing lease- and so any reno work would be a waste.
I would have thought that tenants and landlord could mutually agree to break the lease- say if they paid four weeks rent (notice given is 2 weeks time), and I wore reletting and vacancies. (Demand is high here, but I would have had the right to ask for rent while I was renovating).
I guess I would have to make sure reno would add enogh to the rent and/or value to be worth while.