I am renting a flat in the UK, on an Assured Shorthold Tenancy without a break clause. The property is managed by an estate agency.
I need to leave 7 months earlier than agreed. I gave notice to the agency and they replied that the landlord can only agree to end the tenancy if:
- A new tenancy is agreed.
- I pay the landlord's administration fees for the whole period.
- I keep paying the rent and bills until a new tenant moves in.
- The new tenant will rent the flat with the same agency.
This all sounds fair and legit, but my worry is that my pre-covid rent is very high for today's standards. Covid-19 has created a huge supply of free flats, and a shortage of potential tenants looking for a new flat. This has affected the rents, as I've seen several reports of rents going down in my area.
The flat is on the market for some weeks now, the ad has hundreds of views, but we only had 4 viewings, and two of them got cancelled. Checking the market for similar properties, our flat is not very appealing, as there are many other similar flats in the same building with better features, available for the same price. They are also managed by more reputable agencies, as our agency has pretty bad reviews on google.
Our landlord will not consider lowering the rent price to a more competitive level. They are much better getting an overpriced rent from us for the rest of our tenancy term. And I have no negotiating power, as the contract allows them to rip me off.
Also I am not that sure that the agency is doing their best to rent the flat. For all I know, they could be suggesting other flats that they manage to potential tenants.
Is there anything I could do to convince them to lower their rent, so that we could find a new tenant in a reasonable time?