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How much compensation for reduced tenancy?

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  • How much compensation for reduced tenancy?

    My housemates and I are living in a rented house which is on the market to be sold.
    We recently got a call from the EA handling the sale saying that a buyer was interested but keen to get the house 2 months before our tenancy ran out.
    To see if they could tempt us out of the house they have asked if there was any manner of financial incentive he could offer us to tempt us into moving out two months ahead of of our agreed date.

    None of us have any experience with an offer such as this, and we are currently expected to make the first offer for how much we would be willing to go for.

    The house is going for in the realm of £350 000.

    I was wondering if anyone had any knowledge of deals such as this and what would be a reasonable sum to ask for for the inconvenience of moving out ahead of time during a very busy two months for us?

    Thanks in advance,
    S

  • #2
    Re: How much compensation for reduced tenancy?

    One thing I'd watch out for is your tenancy agreement, and whether it will hold you to pay the full rent for this period regardless as to whether you moved out or not.

    In other words, make sure that if you do move out two months early, that if you are required by your agreement to pay these two months rent anyway, to ensure this is provided as a cost for reimbursement.

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    • #3
      Re: How much compensation for reduced tenancy?

      You would need to sign paperwork to surrender the tenancy, as would your Landlord. This will protect you against having to pay additional rent.

      A fair compensation might be one month's rent plus admin and referencing charges for your next property.

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