Hi, I am currently in a fixed term (1 year) joint tenancy agreement with 3 other co-tenants. The contract ends in 4 months, but for financial reasons I need to get out as soon as possible – ideally in the next month.
We’d like to find a new tenant to replace me on the contract so that I am no longer liable for any rent or council tax. I have read that this is done through a Deed of Assignment, something that the letting agency/ landlord, and all tenants (including incoming and outgoing) have to sign.
My plan is to tell my letting agency that this is what I want to do, but I’m worried that they will cause problems in some way, e.g. take some of our deposit, or make it difficult for my housemates to renew the contract at the end of the year. I wanted to check what we are and are not allowed to do beforehand.We just want to do it all legally and not get into financial or legal difficulties in the process.
My questions are about this Deed of Assignment:
1. If I ask to assign a new tenant on the contract, will the letting agent or landlord be able to cause problems for me or my housemates? Are we breaking any rules?
2. Am I required to give a certain amount of notice before I assign the new tenant?
3. Do I have to notify the letting agency before I start looking for a replacement tenant, or can I find/search for a replacement tenant first?
4. How long could the process take?
Thank you so much