I really hope I find someone to help me out. I stupidly signed a tenancy contract without reading it properly, but I never had the intentions to terminate the property early. I’m a single mum and lost my job, and now I am at a phase where I keep asking people for help to be able to cover my rent. I want to terminate the property early but the agency expects me to pay 13.20% of whatever is left on the tenancy agreement. I will break down the termination fees.
1) pay full rent until they find new tenants
2) if new tenants are found, and are paying less rent, I have to cover the gap between their rent and my rent until the end of my original tenancy agreement
3) cover any fees of new advertising
4) after new tenants moving in, I still have to pay 13.20% of the rent each month until my original tenancy ends.
I don’t understand all these huge charges. The first 3 I see where they are coming from but the 13.20%. I am literally broke and i am telling them so. My tenancy agreement doesn’t end until 30 months so this will total over £5000. Please if anyone could give me some help, i am in extreme anxiety. My landlord himself doesn’t understand why, isn’t there anyway I could get away from
This.
5.21. Consequences of early termination of the Tenancy outside the Terms of the Tenancy Agreement
In the event that the Tenant vacates the Property prior to the end of the Term, the Tenant will remain liable to pay Rent until the Term expires or the Property is re-let whichever is earlier. The Tenant will also be responsible for the payment of any pro-rata fees that have been or will be incurred by the Landlord for the unexpired portion of the Tenancy (this fee is calculated at 11%+VAT, or 13.20% incl. VAT of the Rent for the fixed Term of the Tenancy) AND if the new Tenancy is for lesser Rent, an amount equal to the difference between the original Rent and new lower rental figure up to the end of the original Term. The tenant will also be liable for the cost of re-advertising and referencing incurred by the landlord or the reasonable costs to the Agent (such as referencing and marketing costs).