rental-property landlord
What are the likely outcomes if I run out of money when renting a property?
<p>I am currently renting a property and I lost my job. I am in a two year contract to let the property, of which I have over 18 months left.</p>

<p>I am living in the UK.</p>

<p>The landlord did not ask for a guarantor.</p>

<p>I am currently living off my savings which are getting demolished. I am moving out of the property to go home to save money (food, gas, electric , etc.). When the time comes to when I run out of money what are my options?</p>

<p>If you break the contract then you are required to pay damages to put the landlord in the same financial position as if you had not breached the contract.</p>

<p>Typically, this would mean that you owe rent for any period the property was not rented by someone else, the difference between the rent a new tenant pays and your rent if the new rent is lower and the landlord's costs in finding a new tenant, usually advertising costs, legal costs and agents fees and commissions.</p>

<p>Ideally, you would work with your landlord <em>before</em> you are in breach to minimize these costs or negotiate a amount to pay to allow you to end the contract without breaking it.</p>

<p>If you are unable to pay what you owe when it is due then you are insolvent and need to look at your <a href="https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/" rel="nofollow noreferrer">options</a>. </p>
