Ok so we have a 3 year rental contract on our property with a 22 month break clause (ie we could leave after 24 months). We are 14 months in now so wouldn't be able to give notice based on the contract till end of November. However, we have had a significant change in circumstances (house in London with a big mortgage and now the tenants have stopped paying the rent and looking to move out). Given the housing situation in London and the rental price of our house there we are expecting to have to pay the mortgage in the UK until close to Christmas which leaves us significantly out of pocket and unable to afford our (very high) rental here.
We are happy to move to a smaller place, however what are our options? Our plan is to talk to our landlord and try to see if we can secure a reduction, but if not, can we just given him 2 months notice and if so do we lose our deposit? In theory, could he take us to court for the remainder of the rent if he can't find another tenant (I suspect even if he does it won't be for anywhere near what we are paying now). In practice, does any landlord actually do that or do they just take the deposit?
Not made any decisions yet, but just wondering what our options are realistically as we are in a tight spot. Thanks in advance.