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NSW Tenancy Legislation Update March 2020 - Break lease costs
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Joanne Danckwardt of One Agency JD Property Agents discusses the changes for landlords and tenants regarding breaking a lease agreement and the break fees associated with the udpates to the NSW Tenancy Legislation in March 2020. Find out how you as an investor may be impacted.
** Transcription **
Hi, I'm Joanne Danckwardt from One Agency JD Property Agents and I'm here with some details regarding some of the changes to the residential tenancy laws starting the 23rd of March 2020. There are some new rules regarding the break lease within a fixed term period. So what does that mean to you landlords? So, prior to 23rd of March, there used to be a six weeks break lease fee for any tenant that broke their lease in that fixed term. That's all gone. So now it would depend on how long that lease still has to run. So I'll give you some examples.
If a tenant has been in the property on a fixed term for less than 25% of the expected lease period, and they want to break that lease, it will cost them four weeks rent So, if they've been made, let's say they take out a lease for 12 months, and they've been there for less than three months, then they pay four weeks to break that lease to get out of that lease.
If the tenant has been there for between 25 and less than 50% of the expected lease term, then the to break, that lease will cost the tenant, three weeks worth of rent. So if they took out a 12 month lease, and they're going to be there between three and six months, they'll pay three weeks rent to get out of it.
If they've been there between 50% and 75% of the expected lease term, and they want to break that lease, it's only going to cost them two weeks rent. So if they're there from between six months and nine months, it will cost them two weeks.
If the tenant has been in a fixed term for between 25% but less than 100% of that fixed term. period and they want to break that lease. It'll only cost them one week's rent.
So, major changes happening here. Really important that you're aware of it. And if you have any questions regarding this, please reach out. Happy to help you and bye for now.
** Transcription **
Hi, I'm Joanne Danckwardt from One Agency JD Property Agents and I'm here with some details regarding some of the changes to the residential tenancy laws starting the 23rd of March 2020. There are some new rules regarding the break lease within a fixed term period. So what does that mean to you landlords? So, prior to 23rd of March, there used to be a six weeks break lease fee for any tenant that broke their lease in that fixed term. That's all gone. So now it would depend on how long that lease still has to run. So I'll give you some examples.
If a tenant has been in the property on a fixed term for less than 25% of the expected lease period, and they want to break that lease, it will cost them four weeks rent So, if they've been made, let's say they take out a lease for 12 months, and they've been there for less than three months, then they pay four weeks to break that lease to get out of that lease.
If the tenant has been there for between 25 and less than 50% of the expected lease term, then the to break, that lease will cost the tenant, three weeks worth of rent. So if they took out a 12 month lease, and they're going to be there between three and six months, they'll pay three weeks rent to get out of it.
If they've been there between 50% and 75% of the expected lease term, and they want to break that lease, it's only going to cost them two weeks rent. So if they're there from between six months and nine months, it will cost them two weeks.
If the tenant has been in a fixed term for between 25% but less than 100% of that fixed term. period and they want to break that lease. It'll only cost them one week's rent.
So, major changes happening here. Really important that you're aware of it. And if you have any questions regarding this, please reach out. Happy to help you and bye for now.
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