The lease
What happens when the lease expires?
Yor lease agreement details the expiry date. If it passes, it becomes a "continuing agreement" and all parties are bound by the terms of the original lease. You also can request a lease renewal from the agent/owner. The owner of the property has the right to to renew the lease, let arrangements continue under the terms of the original lease, or issue the appropriate notice requesting that you vacate. The owner has the right to secure you on a new lease if they prefer.
You should discuss whether or not you want to continue occupying the property with the agent or the owner well before the actual expiry date arrives. This allows both you and the owner to make any necessary plans and arrangements. If you wish to vacate the property at the end of the lease term, you will be required to give written notice to the agent/owner with the appropriate notice given.
I want to break my lease and I have another person who wants to take over the property. What should I do?
It is important that an agreed handover is done correctly and legally. If you just let the other person move in, you will still be responsible for any rent not paid and/or damage to the property. You and the other person should contact your agent or owner and let them know what you want to do.
It is important to note that there is no automatic obligation on the agent or the owner to agree to your request. The other person wanting to take over the tenancy will need to complete an application form, provide references and all other information which is necessary for anybody to be approved as a tenant for the property. You and/they will be responsible for any charges involved in the new lease documentation.
You should arrange a final inspection of the property with the agent or the owner and make the necessary arrangements with them for the release of your bond. The new person should not be allowed to take up occupancy until all this has been done and you have documentation releasing you from the lease signed by the agent or the owner, as applicable.
What happens if my circumstances change and I need to leave the property before my lease expires?
You would be responsible for any and all reasonable expenses incurred by the owner or the agent in locating a replacement tenant. You would also continue to be responsible for paying the rent until a new tenant is located and enters into a new lease agreement. If the property cannot be rented out for the same amount as you are paying under your agreeement, you may be responsible for covering the difference until the expiration date of your lease.
In most instances, you and the agent are both able actively seek a new tenant for the property; however, the new person must complete all normal processes with the agent such as applications, reference checks, owner approval, lease signings, etc.
The most important thing is that you do NOT leave the premises without letting the agent or owner know. Not only will this almost certainly result in you forfeiting your bond, but it will create a bad rental history record, meaning it may be very difficult for you to rent again in the future. You may also be listed on a defaulting tenant database and you may remain liable under the terms of your lease for rent payments and any damage to the property.
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