[homebuyer]

I am currently renting an apartment. There are 11 months left on the lease. I was recently approved for my first mortgage and have a lot hold on a townhome in a new development (yet to be built). If I decide to purchase I have to commit by signing a purchase agreement in October. Still have the option to back out but lose my $500 ernest money. Projected completion of my home is March/April of 2007.

My question is how is the best way to approach my landlord for early termination? I was thinking of explain the entire situation and asking if they could put my apartment on the list of those available to prospective tenants and if I had to vacate earlier than when my townhome is completed I do have a place to stay. I am wanting to notify them by Sept 1st, hence giving at least 6 months notice.

Any advice on the best way to approach them? Best way to draft a letter? Odds of getting out early?

Thanks!!

[RickJ]

Heart to heart is the best way. Is the landlord approachable and friendly?

I would sit down with him/her immediately and simply ask "would you please consider shortening my lease period to end in April?" Explain your situation.

If he/she will not, ask if they'd consider a buyout.

Was this a one year lease? If so, how'd it end up that you were shopping for a home loan about the same time you were signing a lease?

[ScottGem]

As Rick said, talk to them and be upfront. With such advance notice, they should be reasonable. At the worse, maybe you can sublet.

[Cvillecpm]

You don't do anything until you have a FIRM move-in date. Making any move this early will be a mistake because a lot of things can delay the completition of your townhome.

[homebuyer]

Thank you for the responses.

First off, the lease was a 16 month and at the time of renewal I was having some health problems so signed and went on.

Honestly, when I first had my mortgage application run I didn't think I'd get instantly approved. I had an ex run up debt in my name and to make a long story short I've been fixing his mistakes for the last 5 years. Anyway, since I'd improved my credit so much (score now in the low 700's) I got approved and a great rate. So I took a look around and found a unit in development I want to buy.

Anyhow, I contacted the landlord and she was very nice. I do have options for early termination. I have to sign a "notice to vacate" form and state a move out date. They will then try and rerent my apartment. I'm hoping it's not too hard, I live in a nice suburb and it's only one of two pet friendly complexes. One bedrooms go fast. Of course, if they don't rent it I'm still obligated to the lease.

Thanks again for the responses!!