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We have rented a townhouse (in Virginia) for 2 years now. We began (passively) house hunting this year, but because of a job change and wanting to save more money for a down payment, we haven't actively been looking. Our lease ends this month and we asked the landlord if we could renew on a month to month basis. He said no, and said he would only do a 1 year lease. We were hoping to actively house hunt this winter, hoping the relatively slow market would help us (we are unfortunately very circumspect people and like to take our time to make decisions - not good, I know). How long would it take from starting the hunt to move-in date, and are we screwed? If we do find a place, I hope we can help the landlord find a new tenant and work something out. Has anyone had similar experiences? We have been great renters, pay on time, take care of the property etc.
Since you are in Virginia, the first thing you must do is read the section pertaining to thew term of the lease. It should include a statement as to if the lease terminates on the last day or if it converts to a month to month.
If it converts to a month to month, you and/or your landlord must give the other party notice prior to the beginning of the next period rent payment term of ending the lease at the end of that upcoming term. So, if the rental period is from the first to last day of the month, a notice to end the tenancy on the last day of one month must be given before the last day of the prior month. The lease can have a provision to make that notice longer, but not shorter.
If the lease does not have the month tot month provision checked or is not included, you must be out on the last day of the lease or face eviction. The landlord is not obligated to give you any notice of non renewal as the lease already contains that notice in the lease. If this is how your lease is worded, you will want to get things settled real quick or face the possibility the landlord renting it to others.
Get an "early lease termination" agreement added to the 1 year lease. Have it where you gave 30 day notice and pay an extra $xxxx upon move out and then you lease ends early. Your normal security deposit rules still apply.
Google for the lease wording to use. Come up with a dollar amt for the xxxx that is agreeable to you and your landlord. I would start with the xxxx to equal 1 month of rent. Basically your landlord would get a payment equal to 1 month extra rent but the pro for your landlord is he/she could lease to someone else as soon as you move out and still keep the early terminationf ee from you.
If landlord doesn't like the xxxx to equal 1 month rent, then try for 1.5x rent. Or you can go as high as 2 months rent if everyone agrees.
Go back and ask the landlord if he'd do a 60-day to 60-day lease at $50 more a month that the 1 year lease. Perhaps he would be ok with that because he'd have 60 days' notice to find new tenants and actually you would need that much time if you found a house and gave notice when your offer was accepted or following the inspection.
You don't want to house hunt until winter, so that's half the lease right there. Then you have to find the house, and unless you are paying 100% cash, it will take at least 6 weeks to close escrow and maybe longer than that.
It is unethical to enter into a legal contract that you know before you sign it that you have no intention of following it. Not following a contract is going to cost you some money.
Your landlord has said no to month to month, so that's that. You can move to a place that does month to month, you can ask your landlord if he will give you a shorter lease that ends early spring, or you can expect to have to buy your way out of your lease.
No sane landlord would give you a 6 months lease becasue that would give him a vacancy right in the middle of winter and holidays when no one wants to move. Ask for a lease that end at the end of March. Then be prepared to have him refuse to renew, so you'd better find a place to buy before the lease is up.
Your landlord has said no to month to month, so that's that. You can move to a place that does month to month, you can ask your landlord if he will give you a shorter lease that ends early spring, or you can expect to have to buy your way out of your lease.
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You forgot the other option : Negotiate to get a Early Lease Termination clause added to the 1 year lease where it defines an Early Lease Termination Fee that the tenant can pay in order to end the lease early. This is becoming more and more common these days. Add this clause to the new lease before everyone signs it.
Yeah that's usually a standard feature of lease agreements. $250+2x rent is the early termination fee on ours which is quite steep. But other folks who have rented through this property manager have gotten out early with a lease takeover without a problem.
Ours is up end of July but we don't close on our new place until end of August. Thankfully they do default to going to month to month at the end of the lease. It does cost an extra $100/month to do that rather than renew for another year(on top of a $100 rent hike).
Perhaps your existing landlord would be open to such an arrangement where you pay more to go month to month. Or open to a lease takeover option.
The POINT people is that the landlord SHOULD be accommodating.
Their intransigence on the issue, especially for a longer term tenant,
will come back to haunt them soon enough.
The POINT people is that the landlord SHOULD be accommodating.
Their intransigence on the issue, especially for a longer term tenant,
will come back to haunt them soon enough.
Why does a landlord have any obligation to be "accommodating"? The tenant is the one who wants to play musical houses, that's all on them. It's expensive & inconvenient for both parties, and the landlord isn't the one driving the bus when a tenant decides to break a lease.
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