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Early Lease Termination?

NYC Rent Regulation: Rent Control/Rent Stabilized, DHCR Practice/Procedures

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Early Lease Termination?

Postby maacgleeen » Mon Jul 08, 2002 9:37 pm

I am attempting to terminate my (2 year) lease early (after 1 year will have elapsed-we are currently 9 months into the lease). My wife has lost her job, and we are strapped for cash.

I sent a letter three weeks ago to my landlord to try to get the ball rolling, and have followed up a few times by phone, but as yet I have not spoken to him.

Per my lease, I am liable for the entire lease term if I vacate. Certainly it would be reasonable to think that a new tenant can be found within three months, except for the fact that my building is new, large, and still has a relatively high vacancy rate. That is, I am sure that new tenants will be moving in to the building, but who is to say that one would necessarily move in to our apartment, thus relieving my of my obligation?

Subleases are permitted, but the terms being offered to new tenants are far better than those when we moved in.

What would the LL realistically do in the event that we simply bail, based on our financial situation? (for what it is worth, we would not qualify for the apt given our current income).

What are the possible credit repercussions of vacating the apartment? (we intend to pay as long as we live there).

Also, if we must stay, any strategies on lease renegotiation?

Any thoughts or advice, especially on our legal rights/obligations would be appreciated.

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maacgleeen
pants
maacgleeen
 
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Location: NYC


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