Blog Post Lease assignment, sublet or a new 12-month lease?

Lease assignment, sublet or a new 12-month lease?



Lease assignment, sublet or a new 12-month lease?

Many landlords and leasing offices have different policies toward renting out their apartments, especially when it comes to lease breaks. First, it is advised that you pick up your original leasing agreement and re-read it thoroughly.  Somewhere in it, you should find a clause whether your unit is allowed to be assigned out to new tenant or sublet. Sometimes, the wording is a bit confusing, that’s why it’s important to contact your landlord directly to get some clarification. 
If you come to your landlord and ask “what can i do to avoid a lease break penalty, in case i need to vacate before my lease expires?”  In that case, he/she should provide you with the following option to escape a lease break penalty.
  • Sublet  –  Most leasing offices do NOT allow subletting. Some private landlords do.  With the sublet option, you’re still legally remaining on the lease, whereas your subletter that you find will have to pay rent directly to you, which is not the ideal situation. 
  • Lease assignment / transfer – this is a great option if you want to completely have your landlord release you from full responsibility of the lease. Your landlord will run full income, credit and background checks on your behalf for the approval of new applicant. 
  • 12-Month Lease – if you find a replacement tenant who instead of taking over your existing lease, signs a brand new 12 month lease, then it’s totally fine, as well.  This too, guarantees that you name will not longer be on the leasing agreement.
As you can see, there are several options available to help you save on that potential lease break penalty or obligation to pay off the remaining lease, if no one is found.  It all depends on what options are allowed, as per your landlord.  This is something you need to confirm.  If you have any questions regarding a lease takeover, please contact Take Over Lease.

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