Anyone have to break a lease?

We are getting closer to buying a house, but we signed a two year lease, starting last October. I know the whole process of buying through to closing will take a while, but if we buy, I know we will have to break our lease.

I am looking for any experiences people have with this - we are in a large complex that has a management company. We are rent stabilized, so we think they will probably be happy to let us out, but don't really want to involve them until we are more sure that we are moving.

Thanks!

Re: Anyone have to break a lease?

Where do you live? It sounds like where I live - Sty Town (but we are mkt rate). I am sure that there will be no problem since you are rent stabilized. In Sty Town, Mkt rate tenants either have to give 60 days notice and pay a 2 mo penalty or there may be a no penalty rider with 60 days notice.

Talk to the mgt co.

Re: Anyone have to break a lease?

Do you have a copy of the lease handy? The apartment we're currently in had a 60 day clause for breaking the lease. My old apartment said that if you break the lease, you are responsible for the rent until the unit could be re-rented (they had a month to month rental option with 60 days notice as well but, the rent was substantially more each month).

Re: Anyone have to break a lease?

I'd read your lease and see what it says about breaking it.

Mine said we'd lose our 2 months security and have to pay an extra $500 for maintenance.

Re: Anyone have to break a lease?

it depends on the building- so let you out with a small fee

some take you to court for the remaining months rents on the lease

I am praying out building let's us go month to month after our lease in up in Oct while we figure out things

Re: Anyone have to break a lease?

I did since I wanted to move in with DH before we got married, and I still had almost a year on my lease. They were fine with breaking it under the circumstances and did not charge anything. I thought they might keep the security, but they did not.

I think I told them in March or April, and I moved out in June. I would wait until you sign your contract (or are very close to doing it), but that's up to you. You don't want to give up your apartment too soon, and sometimes these deals do fall apart.

Good luck!

Re: Anyone have to break a lease?

I have. I gave 45 days notice. They waived keeping the deposit because I was moving for military purposes, but normally they would have kept my deposit.

Re: Anyone have to break a lease?

If your apt is rent stabilized chances are they may be happy to let you out so they can get market rent for the apt.

But it really depends on the company, some will let you out w/o a problem and some will hold you to the remainder of the lease.

Id call and just ask them in general what their policy is.

Re: Anyone have to break a lease?

Re: Anyone have to break a lease?

i had a lease that was ends in march and i knew i'd be out by jan. 1. I told my landlord back in october. my building rents out super quick so i didn't think it would be a problem but he wouldn't let me out of my lease (even though he ALWAYS lets people out... ) so I subletted.

Re: Anyone have to break a lease?

Thanks all, we aren't going to talk to the mgmt company until we close, I think. Past expereinces with them lead us to believe they may do something shady. I was looking for the typical scenario and the info you have given me helps.

Re: Anyone have to break a lease?

We will be breaking our lease and we have to give 60 days written notice and forfeit our deposit, which was only 200 bucks, but we also have to pay ANOTHER months rent for breaking the lease. I think it's worth is since we will be owning and not renting anymore

Re: Anyone have to break a lease?

I would read the lease.

I would also talk to the landlord, give them plenty of notice, make the place available for viewing as much as possible. I would play on their good side. Ask them what can be done to make it work out for both of you.