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WWYD - apartment related
The lease on our flat was up for renewal earlier this year in April, and after looking around for a new place we decided to stay where we were, even though our landlord significantly raised our rent. We really like the flat and the area, so we decided it didn't make sense to move. But we knew that the LL was thinking of selling the flat, so we might not be able to renew again next year.
Well, I just got a call from the LL saying that they've decided they definitely want to sell. They know we have a contract until May next year, but would we be willing to work with them to cut the lease short? They appeared willing to offer some financial compensation, but have not suggested a number yet.
We're of two minds. We love where we are, and after looking around earlier this year, we are even happier with our current place. Plus, even though LL jacked our rent this year, it is still below market. However, rents will probably be cheaper if we move in the fall/winter, versus next May (which is closer to peak season), and the compensation they give us could help make up the difference in price.
What would you do? Would you stand fast to the lease, and just move next May? Or would you cut it short, and if so, how much/what would you ask for in terms of compensation?
Sorry this got so long.
Cecilia arrived 12 October 2012
Re: WWYD - apartment related
I would need more information to make a decision.
When would they like you to leave? That would impact my decision -- April or in a month from now? Do you have an idea of how much you would want to be compensated for? I would come up with a number that is our starting point and the lowest I will do.
Rents are lower in the winter, but there is also less on the market. How flexiable are you on where you live?
As a landlord, I don't think I would offer more than two months rent unless I had an offer to buy in hand. Do you know if they have an offer to buy? That would increase your ability to get more compensation.
I most likely would be willing to work with them and come to a time and financial arrangment. Mainly because we are landlords in the States (two investment properities) and I understand there position as well. I also think it helps withy karma (I know, but still!!)
Ideally, I think they want to put it on the market immediately, but they haven't started that process yet so they don't have an offer. They just had it revalued last week, which is what I think prompted them to look at selling.
In terms of timing, they said that if we were on a month-to-month, they would be giving us our two months notice, so it sounds like they would like us out as soon as possible. That's partially up to us as well. There is also, I think, the option for us to stay there until they have an offer in hand, and then they could give us two months to leave. But that puts us in a position of constant uncertainty, and I would prefer to have more control over the situation.
We are somewhat flexible on where we live, but we have pretty strict criteria I think, which is why we didn't find something when we looked earlier in the year. That is what concerns me about moving.
DH and I were considering asking for 2 months rent, but I wasn't sure if that was reasonable. Adding some flexibility to the timing,as ILP suggested, is also a good thing to consider.
Thanks for the input DRJ. It helps to have your perspective as a LL.
Cecilia arrived 12 October 2012
At the end of the day, I would be open and honest with them. I would explain that you understand there desire to put the property on the marktet.
I would explain that you feel based on the uncertainary, and situation, that you would prefer (if this is the case) a set date as opposed to a month to month situtation plus the stress of your flat having to be prepared for viewings, etc potential whilst having to pack. For all this, I would ask for two months financial compensation and an agreed upon timeline.
The timeline is up to you, the sooner I think the more success you will have in securing your proposed financial compensation. If you say April next year and your lease was up in May, I doubt your LL will agree to that, but if you say 1st November which is more or less two months and gets you settled properly into a new place by Christmas, I would agree to that.
I would ask also for flexability on the leaving date by a week or two due to the situtation.
We've had renters with all sorts of issues and have always been able to work everything out. Our properties are purely investments (meaning no emotional ties that you might have if you were renting out your home) and have had them for seven and six years respectively. At the end of the day, it is always been for everyone in the long run if you are open and honest about everything -- saves money and time down the road!
Good luck!
Cecilia arrived 12 October 2012