We have been renting a property for 3 years now. the first 2 years were 12month fixed term AST and last July we got a 2 year fixed term AST (not through OR). We are now halfway through the 2 year fixed term agreement but would like to terminate early as we have a great opportunity to purchase a house and get on the property ladder.
Our contract has a break clause in worded as;
5.18 It is agreed between the parties that either party may terminate this Agreement as follows:
5.18.1 By the Landlord giving to the Tenant at least two Month’s written notice
5.18.2 By the Tenant giving to the Landlord at least one Month’s written notice, such notice to expire
on the last day of a rental period.
Do i understand correctly that as we pay monthly, 1st day of the month, a rental period is each month and we can now terminate by giving a full month notice (made up to the last day of the month)? There are no definitions in the contract stating what a rental period is and as the heading is under “Early Termination” this certainly suggests it isn’t meaning the end of the fixed term.
any advice would be appreciated.