Updated over 7 years ago on . Most recent reply
Tenant wants out of shared lease
I've lurked a fair amount on these forums but have never posted before. Thanks in advance for any help on this.
I have a property which three students have leased together. The lease ends in August. Now one of the tenants wants to get out of the lease early. The other two plan to remain through the end of the lease. I'm not really sure how to approach this situation:
1) I could just let her out of the lease, i.e. treat it as though the other two are assuming it. Will this cause problems for me if I the other two try to break their lease later and I want to charge them for it?
2) I could divide the remaining lease and let her pay a third of that. Not sure if this is strictly fair as the full rent would still be being paid under the terms of the lease by the other two tenants.
I've gotten a lot of value from the insights on offer here on Bigger Pockets, and I'd appreciate any insight as to how you have handled similar issues in the past.