Hi,
So I’ve sold my home and couldn’t find a house to buy so I signed up for a 12month lease. Lo and behold I find a house to purchase one month later. Bank approved, vendor accepted offer, can I get out of my lease or can I rent out the newly bought house until lease is up? Does the bank need to know?
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Tellelala has been banned for ditiching Ozbargain.
Find someone to rent your place then move to your own house.
Is that called “break lease”? How does that work? Do you pay rent until the real estate finds a new tenant? Do you get your bond back? Have no experience with break lease.
You find a tenant, having never done it myself this is anticdotal at best.
You find someone to take over lease, they approve, then I believe they entry/exit for both of you and they new tenant takes up the remainder of the lease.
Don't you have like 12 months to move in? Or was that just for the first home buyers grant?
cypher67 that’s only for first home owners grant
Can ask vendor if they will agree to an extended settlement - don't think a year is likely at all, but 90 or 120 days is sometimes agreed.
This will hopefully give you time to sort out whatever with the rental.
Be late with the rent and hope the owner terminates the lease
I'd probably ask the agent to start advertising the (rented) place again in the hopes you can find someone to replace you as a tenant sooner rather than later.
The rules vary from State to State but generally if you want to break a fixed term lease you may be up for advertising costs as well as the monthly lease up until another tenant is found, so you may as well stay there but get the ball rolling to find someone else to take the place on.
If there's no damage and the whole process runs smoothly you should receive your full bond back.
Keep the rented property and turn it into a "grow house".
By the time it comes for settlement on the new house you should have generated enough money to pay cash for the new house, and to pay out the existing lease.
Rent out that dumpy house you bought and live in that swanky new rental
Where are you now? If you haven't moved into the rented place yet you could tell them you don't want it anymore as you lost your job. They'd probably be happy to cancel the lease.
Check impact on stamp duty. Find out whether you have to take out an investment purposes loan rather than PPOR. Don't know the answers but that's what I would check.
Some people have success getting out of leases by offering to pay an extra month so the owner doesn't have to wear the real estate's rental fee.
Advise the real estate of your plan. Ask tgem to tell the owner. Post it on fb and find an alt occupier.
Hello Tellelala,
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