The renewal tenancy agreement was signed by me and my partner on 20th of July, our current contract ends on 24th of August. There was some unexpected changes due to personal circumstances, therefore one of us has to go back to our country and just one person cannot afford the apartment. My question is whether we have a right or no to cancel the renewal tenancy agreement, especially when it will be valid just after current agreement ends?
I informed the agency 4 days after I signed the agreement, that we will not be able to continue renting the apartment. The agency answered just yesterday with an offer from the Landlord that they will keep full deposit which is £996 and we also have to pay £360 more in exchange for a termination of our tenancy from the date of our choice.