My tenants have a 2 year, no break, contract. They just informed me that they’re moving out after one year. What are my options? I can’t see that I can hold them to paying another years rent!!
let them go and then get someone else
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You could hold them into paying rent until such time as you have found a new tenant, in addition to them covering the cost of your letting costs.
Or, you just accept they are leaving & get a new tenant. I also would not look to sign 2 years contracts in the future. They increase your risk if the tenant is a bad one & you are tied in.
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As Karl11 suggests above but it will be very difficult to pursue the (ex-)tenants unless you have their contact details at their new home or their place of employment. Might be worth having an level conversation with them about their obligations under the tenancy which, in most cases unless it has been fiddled with by landlords including vague/badly worded/legally unenforceable clauses, is a binding contract and the financial cost to you of the void period they will create. Let them know you will look to minimise this by finding a new suitable tenant pronto but they would need to pay rent and any agency/advertising/referencing costs until the new tenancy starts. I believe you could claim any missing rent and charges through MCOL but then you’d still need to force payment if they are not willing. In my experience, taking any legal route is significantly more hassle and heartache than it is worth (even if vindicated). Maybe cut your losses and move on?
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Negotiate an Early Termination:
Mutual Agreement: You can agree to end the tenancy early. This is often the most straightforward solution.
You might request that the tenants to cover Rent Until a New Tenant is Found: They would continue paying rent until a replacement tenant begins their tenancy.
They are actually in breach by leaving a year early but is that worth the hassle of fighting instead of replacing? It energy taxing and stressful enough I believe.
If they stop paying you can arrange a small claim court and have them refund you with interest. That would affect their credit score and ability to rent somewhere else in the UK.
I would just replace them
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And dont give 2 year contracts in future. It will only work against you.
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Sue them in the courts for breach of contract