Best way to bow out of an informal lease?

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TopHatFox
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Joined: Thu Oct 17, 2013 10:07 pm
Location: FL; 25

Best way to bow out of an informal lease?

Post by TopHatFox »

I currently pay $700/mo for a room. I have already paid $700 for the security deposit and paid for 3 months already.

Now that I live in the area, I am finding some rooms closer to work for $600 and $500. I'm thinking it'll definitely be better long term to use those rooms.

Fun fact: I've yet to sign a lease on my current place. So, what's the procedure? I don't know how long my landlord expects me to stay here. I'm guessing until December.

Do you think letting them know one month in advance that I'm moving be the best courtesy? The goal is to switch to a $400-500/mo room ASAP, *and* keep the security deposit. Physically moving quickly shouldn't be a problem since I can fit all of my stuff in a few bike trailer fulls.
Last edited by TopHatFox on Sun Sep 10, 2017 5:24 pm, edited 1 time in total.

Riggerjack
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Re: Best way to bow out of a informal lease?

Post by Riggerjack »

I would let them (the party renting you a room) know I was shopping for a place closer to work, and when I found it, I would let them know that day. Then you can talk to them about compensation for early departure. The main thing is not to leave em in a lurch.
But that's me. It's an informal subletting situation, do what you think is right.

BRUTE
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Re: Best way to bow out of a informal lease?

Post by BRUTE »

something something not being a dick

Did
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Re: Best way to bow out of a informal lease?

Post by Did »

Depend on where you live exactly and the law there but likely have to give reasonable notice. If you pay monthly I would think at least a month. Best to be upfront and agree something. Perhaps say giving a certain notice that suits - say a month, and if they want more time try and agree something that works for you both.

vexed87
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Re: Best way to bow out of a informal lease?

Post by vexed87 »

Did you consider negotiating the rent of your current room down, based on those new opportunities, or is the distance significant?

TopHatFox
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Joined: Thu Oct 17, 2013 10:07 pm
Location: FL; 25

Re: Best way to bow out of a informal lease?

Post by TopHatFox »

New Rooming Options

I found a room for $600/mo with a 73-year-old Indian woman who knows about permaculture, YMOYL, FIRE, stoicism, A Handmade Life, and more. It'd be a 3-4 mile commute to the train station and then a 3-4 mile free private shuttle. She's a Puritan somehow, so I doubt she'd be OK with queer or trans people. Seems a bit meticulous, and I ran into some ideological differences. She mentioned she's earning <1% returns by investing in 100% treasuries for example. I mentioned that's incredibly risky due to inflation and non-diversification. I'm thinking of scrapping this one.

I also found a room for $550/mo with a 50-something Hispanic man who works for a yacht club. He works from 10 AM - 11 PM, so he's not around very often. He's also incredibly chill, even offering free wine from the Yatch club. Is an average level of messy. Laundry is indoors, full kitchen use, guests OK, sleep over OK. Technically, the building doesn't allow sub-leasing unless I'm a family member. I think this rule is stupid, so being a "cousin" is OK by me. I figure I'd at least get some warning before being kicked out. Commute to work is either 3-mile bike ride or 10 minute walk to the free private shuttle.

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The Plan to Bail from the Current Room

I'm thinking of bailing on the current arrangement of $700/mo for the $550 room. I'd probably stay in the new place until December, and then find something for $400 at the market low. Question is: what's the best reason to give to end the informal lease. Here are some I thought of:

1. I'd like to move in with my partner
2. I'd like to live closer to work
3. I'd like to buy my own apartment share
4. I'd like to find something cheaper

Although 1 and 3 are true, but they are differences in degree. 1 and 3 are somewhat true, and they are differences in kind. I think they may have more leverage, especially on short notice.

-----------------------------------

Draft Message to Current Landlady

X is the landlord:

""Hi X, I hope your day's going great! Believe it or not, I have lived in your room for 3 months now. Your family has been nothing but kind, accommodating, and welcoming to me! I do realize that we never signed a lease, and I know you're a busy person. I have something to discuss that will help save you time and effort next month. I talked to my partner yesterday, and we decided to move in together. We decided on Oct. 1, about a month from now. I want to work together to create a transition plan that sounds fair. I know finding a new tenant takes time. Will a month be enough time to secure a new tenant and return my security deposit? I offer my help in securing a new tenant. I will also be deep cleaning my room and the restroom before moving out. As always, I look forward to hearing your thoughts. Thank you! -THF"
Last edited by TopHatFox on Sun Sep 10, 2017 3:30 pm, edited 2 times in total.

jacob
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Re: Best way to bow out of a informal lease?

Post by jacob »

TopHatFox wrote:
Sun Sep 10, 2017 2:42 pm
She mentioned she's earning <1% returns by investing in 100% treasuries for example. I mentioned that's incredibly risky due to inflation and non-diversification.
Uhm ... no! That means she's in short term treasuries with <6 month maturity (see the yield curve) which almost equals cash which is "incredibly" safe. Best avoid opinionating about investing in public when working in finance. Nothing good will come of it. Retailers will hold you to a higher standard expecting that you actually know what you're talking about and possibly act accordingly. Employers will expect you to not give away any IP even it's even remotely related to their company. And don't get me started on the SEC ...

TopHatFox
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Location: FL; 25

Re: Best way to bow out of a informal lease?

Post by TopHatFox »

Jacob, I think we're disagreeing on vocabulary. Yes, her investment is not very volatile. That said, the return she's getting every year is less than inflation. Her entire portfolio is also in one asset class. The US government can default on their debts just like any other government. It seems fool-hardy to call such a portfolio safe. Even if she doesn't need the return for herself, she could use it for her "sustainable investing" goals. Personally, I don't give a @#% what people do with their money or life nowadays. To each their own.

I don't want to derail this thread, however. I agree on opinionating in public. It's just like any other skilled or quirky subject. I've stopped since that conversation. They can figure it out themselves, and I don't get sued.

--------------------------------

Is the message to the landlord good 'nuff?

vexed87
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Location: Yorkshire, UK

Re: Best way to bow out of an informal lease?

Post by vexed87 »

Just give them the truth, you found a cheaper place, closer to work, you're giving what you consider reasonable notice considering you never signed an agreement, ask about arrangement for obtaining your security deposit back, how, when, etc, what they require from you before you leave, i.e. cleaning room etc. :roll:

TopHatFox
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Joined: Thu Oct 17, 2013 10:07 pm
Location: FL; 25

Re: Best way to bow out of an informal lease?

Post by TopHatFox »

Yeah that sounds more truthful

TopHatFox
Posts: 2322
Joined: Thu Oct 17, 2013 10:07 pm
Location: FL; 25

Re: Best way to bow out of an informal lease?

Post by TopHatFox »

Looks like landlady is OK with me moving with ~month's notice.

Yay $150*12*(1.06)
Last edited by TopHatFox on Tue Sep 12, 2017 9:22 am, edited 1 time in total.

Gilberto de Piento
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Re: Best way to bow out of an informal lease?

Post by Gilberto de Piento »

Great! Sometimes things work out smoothly when you just ask (sometimes not).

Scott 2
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Re: Best way to bow out of an informal lease?

Post by Scott 2 »

Nice landlord, definitely take that into consideration when looking into new places.

I lived in a place that was sold, from a good landlord to a bad one. I was surprised how quickly they managed to ruin a living situation I'd been happy with.

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