Review your Current Tenancy Agreement (TA):
Begin by carefully examining your existing tenancy agreement to check if it includes a pre-termination clause. This clause will outline the terms and conditions for terminating the lease prematurely. Familiarize yourself with the specific requirements and obligations stated in the agreement or ask a legal counsel to advise you.
Formal Email Request:
Draft an official email to your landlord, formally requesting their written consent to allow your company to pre-terminate the lease. Clearly state your reasons for wanting to terminate the lease early and provide any supporting documentation or information that strengthens your case. Be professional and courteous in your communication.
Await Landlord’s Response:
They will likely provide you with their proposed terms and conditions for the pre-termination. Pay close attention to the details and carefully review their response to understand the implications and potential costs involved.
Consider Important Points: Several crucial factors need to be taken into account during the pre-termination process:
Cost: Assess the financial implications of terminating the lease early. Consider any penalties or fees outlined in your tenancy agreement, such as termination fees or the requirement to continue paying rent for a specified period.
Security Deposits: Inquire about the forfeiture of security deposits. Understand the conditions under which you might lose your deposit and ensure you are aware of any deductions that may apply.
Reinstatement: Engage your landlord regarding the possibility of vacating the premises in its ‘as-is’ condition, thereby avoiding reinstatement costs. The existing fittings and fixtures may enhance the marketability of the space, as potential new or replacement tenants could benefit from cost savings.
Consider highlighting to your landlord that leaving the current fittings intact can be advantageous in attracting prospective tenants who may find the ready-to-use setup appealing. This approach may increase the attractiveness of the property and expedite the process of securing a new tenant.
Pre-qualification of Replacement Tenants: Understand if your landlord requires you to pre-qualify replacement tenants or if they will handle the process themselves. This will impact your responsibilities and the timeline for terminating the lease.
Collaborate with Marketing Agents:
Remember, it is crucial to maintain open and respectful communication with your landlord throughout the pre-termination process. Negotiation and understanding can often lead to mutually beneficial solutions