Transferring your lease is a handy option whether you live alone or with housemates.
Sometimes it just so happens that you need to vacate your property before the lease has ended.
Instead of having to break your lease or leaving your housemates with one less person to pay rent, you do have the option to find another tenant that you can transfer your lease to – This is a great way to save on break lease fees and as a bonus, helps out your housemates and property manager.
Transferring the lease means that whoever moves in will take your place from wherever you were up to in your lease.
-For example, if you are six months into a 12 month lease, the ingoing tenant would take over for the remaining 6 months, it does no reset. The tenant transfer process can be a smooth transition if you notify your property manager as soon as you know you will be moving out.
Stages of a tenant transfer:
- Email your property manager informing them that you are moving out. If you have already found someone to replace you, advise them that you will be transferring your lease
- The person taking over your lease will then have to apply for the property as normal. They will need to fill out the application form and attach all supporting documents and send it through to your property manager.
- The property manager will then send the application through to the owner for approval.
- Once they are approved, they will have to sign the lease and bond form.
One thing to note with tenant transfers is that your bond money cannot be released early. This means that the tenant taking over your position will have to transfer you the money directly and not go through the bond authority.
For more information:
A tenant transfer can be a great option if you live in a share house and need to find someone to replace your room. It is also a handy option if you are living by yourself, as it allows you to avoid any potential fees, such as break lease fees.
Keep your property manager up to date and contact them with any tenant transfer questions or queries.