Hi,
My roommate made a verbal agreement with our land lord that her and I would sign a new lease renewing our apartment for another year. She gave us the lease and we signed it however it is still in our possession and not the land lord's. We decided that we don't actually want to renew the lease due to recent job placement issues. We mentioned this to our land lord and she said that if she could find someone to take our apartment for May 1st then everything will be fine, however, if she can't then she says that she is going to take our damage deposit because we had the verbal agreement with her that we were going to renew.
Can we shred up the lease with no repercussions? Or Are we legally bounded by the verbal agreement that was made?
Thanks for the help in advance!