Subletting advice? Trying to buy a place.

[kaddy]

My lease is ending in my condo (higher end buidling, new building in connaught) and I'm at the point where I have to renew, but haven't found the place I want to buy. Mainly my fault, as I just started searching for places.

I don't want to rush into buying, but not sure the pro's and con's of subletting.

I have the option to renew my lease at 6 or 12 months, but will for sure have to sublet, as I'll find a place before then.

Any advice? If I plan to sublet is 6 month my best option? Any things I should be worried about subletting? My condo will rent no problem.

[revelations]

Does your lease allow subletting? What are the penalties for breaking lease early?

[Amysicle]

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[kaddy]

Originally posted by revelations
Does your lease allow subletting? What are the penalties for breaking lease early?

If I break my lease I'll lose my $1800 damage deposit, will be liable for expenses until they find another renter. Not really what I want to do.

Originally posted by Amysicle
Have you talked to the landlord about being more month to month? Our last landlord was fine as long as we gave her one month notice and we moved within Apr to Sept while we were looking for a house. Her logic was it would be easier to find tenants to replace us if the weather was nice for moving.

I ask my property management company (which is hired by my landlord) and they said the owner wants a year lease, but would do a 6 month because they gave me it before. I'll never deal with another property management company, they've been horrible, directly dealing with the land lord has been better in my past experiences.

I could ask again and say I'm looking for a place to buy, but I don't want them to say we don't want to renew with you and then I have to move anyway.

[eblend]

When I was renting at the Chocolate condo, I had 2 more months left on my lease, but bought a new place. I posted on Kijiji that the condo was for rent and got someone interested. They came and took a look at it and were interested in moving in right away. I contacted my management company and told them that I have a "Friend" who would like to take over my apartment when my lease is up. My friend went through all the process necessary to secure the place at the end of my lease, including a new lease agreement with the management company.

I created a contract with the new lady myself and sublet the place to few for those 2 month, with the condition that we will simply pretend that she wasn't living there yet... I took a damage deposit as well in case she managed to screw the place up while it was under my name but with her living there, which would result in my not getting my damage deposit back when my lease was up.

About a week before my lease was up, I told the management company that I am moving out and letting my friend move in her stuff early so that she can start living in the place from day 1. On the day my lease was up, the management company came over and did the walk through to look for damages (with my "friends" stuff already in place) and at the same time did my move out report for my damage deposit, and her move in report. From that point forward she was on her own under her own lease, without the management company knowing any better. Once I got a report saying that I will get all my damage deposit back, I refunded the damage deposit to the new tenant.

Worked out very well for me, as I didn't lose a single day of wasted rent payment.

[eblend]

Another note, it took me 3 days to buy a place....and I wasn't rushing, I just found the place the fit me well. So before you go through all the trouble of renewing, perhaps you can find a place quick enough as well.

[kaddy]

I talked to my owner through the property management company they use (hope street) and the owners said they'd give me and extra month. On the condition in August they can show it, but if I haven't found a place I'll have to sign a 6 month lease.

I'm satisified with the offer, as it's fair. I'm just still in a rush to find a suiteable house in this crazy market.