Lost Job - Breaking Lease

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  1. #1

    Join Date
    Apr 2009
    Posts
    3

    Unhappy Lost Job - Breaking Lease

    Need some advice. In two months, I'll be out of a job. Believe me, I'm incredibly thankful to have received advance notice and I am certainly looking for other employment, but ... I need to be prepared in case I don't find a replacement and I need to leave HK.

    Here is my dilemma. I'm in month 7 of a two year lease (w/ 14 month break clause). Landlord has standard 2 months of deposit. Do I:

    1) Keep quiet until last day, have fire sale to sell all furniture and appliances (almost new!), and then exit HK, leaving landlord with two future months of rent but no warning.

    2) Be up front with landlord now and try to work out a deal where he and I look for another renter, and if one is found, work out an agreement whereby I receive my deposit back (or he uses part of deposit to make up likely lower rent payment from new tenant). Risk here is landlord finds new tenant and doesn't tell me, keeping my deposit. Also, I still need to have fire sale to sell all furniture and appliances (almost new!) to recoup some $.

    3) Hire agent to look for tenant / show apartment, offering to leave all my furnishings (rent apt furnished) if necessary to secure same amount of rent I pay now to landlord. Once new tenant is secured I admit situation to landlord and deliver new tenant (and my furnishings) as package deal and ask for my two month's deposit back (but need to pay 1/2 month's rent for agent). Nice thing here is I don't need to sell my stuff to recoup $.

    4) Other option(s) I haven't considered???

    I'm assuming rents are lower now than they were when I moved in (September / Quarry Bay). What is fair and proper? I'm leaning towards 3. What would YOU do??


  2. #2

    Join Date
    Mar 2009
    Posts
    42

    im in the same boat as you.
    my lease is up in aug 2009, but i am leaving hk june 2009.
    which leaves 2 months left on my lease.

    what i did was that i posted on ad online advertising my place saying in needed someone to take over the lease. i got about 10 replies..there seem to be alot of ppl moving to hk this summer! within about a week, i succesfully found someone to take over my lease.

    the day the new person takes over, im going to ask for my deposit back from my landlady. then the new person gives my landlady the deposit. plus, i got the new person to buy my stuff in my flat as i advertised it as such.

    i think you should try to advertise by yourself first, plus u dont have to pay an agent..


  3. #3

    Join Date
    Aug 2005
    Location
    Clear Water Bay (In Da Jungle)
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    10,039
    Quote Originally Posted by spring88:
    i succesfully found someone to take over my lease.

    the day the new person takes over, im going to ask for my deposit back from my landlady. then the new person gives my landlady the deposit. plus, i got the new person to buy my stuff in my flat as i advertised it as such.

    You should be aware that the landlord has the right not to let the apartment to the new tennent that you found. You should speak to the LL first and get their approval before you go out and let it to someone.

    Some LL like to see their new tenents, see what their job is, get some proff of salary etc before renting it.
    Last edited by wtbhotia; 21-04-2009 at 12:24 PM.

  4. #4

    Join Date
    Apr 2009
    Posts
    3

    Good advice ...

    Thanks all.

    Last edited by EL Fuego; 21-04-2009 at 01:53 PM.

  5. #5

    Join Date
    Apr 2009
    Posts
    3
    Quote Originally Posted by spring88:
    im in the same boat as you.
    my lease is up in aug 2009, but i am leaving hk june 2009.
    which leaves 2 months left on my lease.

    what i did was that i posted on ad online advertising my place saying in needed someone to take over the lease. i got about 10 replies..there seem to be alot of ppl moving to hk this summer! within about a week, i succesfully found someone to take over my lease.

    the day the new person takes over, im going to ask for my deposit back from my landlady. then the new person gives my landlady the deposit. plus, i got the new person to buy my stuff in my flat as i advertised it as such.

    i think you should try to advertise by yourself first, plus u dont have to pay an agent..
    Thanks for the tip, Spring88.

    Would you mind sharing the details of your listing (i.e. - where online did you list the apartment, what were the basics of your deal for selling the furniture to the new tenant, etc.?). By the way, that's a great idea that I hadn't considered, so thanks. Guess I shouldn't assume what might happen, but instead try to make happen what I WANT to happen.

  6. #6

    Join Date
    Aug 2005
    Location
    mid levels
    Posts
    68

    I renewed my lease in March and made sure I added in a 2 month redundancy break clause at any time. After a year I guess it doesn't matter as you have the break usually anyway but cost me nothing so worth adding in.


  7. #7

    Join Date
    Oct 2008
    Location
    Hong Kong
    Posts
    11

    oh ya..that reminds me of our rental appointment..the LL wanted to take a look at my hubby's pay slip and photocopy it (Probably she is scared that we will run away). Anyway she got the 2 month deposit, is enough.

    Plus the LL does not want to rent the unit to a family with kid. they only want couple.

    better talk to LL 1st.


  8. #8

    Join Date
    Jan 2008
    Posts
    1

    I suggest you talk to the landlord, be frank, propose you do no.3 option and commit to take on the cost of agency fee. It is better you work with him as a team to deal with the situation than walking away. Worst come to the worst, if he shows no sympathy, you just walk away and have the 2 month deposit forfeited.
    My tenant was fired 4 months into the lease, I posted the ad as soon as she informed me, she helped with the visits, and we found another tenant paying the same rent taking up the apartment on the day she left. Nobody lost. Who knows!


  9. #9

    Join Date
    Jun 2005
    Posts
    62

    Be honest with your landlord and try to work out a solution together. Put yourself in your landlord's shoes... they may have family to support and a monthly mortgage payment aswell.


  10. #10

    Join Date
    Aug 2007
    Location
    Mid Levels
    Posts
    55

    Hi, I'm in exactly the same position. I'm leaving hong kong in July and breaking my lease. I also have a whole flat of furniture to sell too. I rung my landlady and we worked out that we would help each other to find a new tenant. She was very understanding. But, she does want to see the new tenant first to see the persons work contract.

    Definintely speak to landlady first. I have advertised my flat on here and asiaexpat and i'm already getting lots of viewings......good luck..xx