Legal Question in Real Estate Law in New York

Re: Early Lease Termination

Hi.

It's funny. I find myself in somewhat the same situation as you do, as I would like to leave a lease which I signed.

Here are the problems and the possible resolutions: due to the fact that you signed a lease, you are legally liable for all the payments thereunder, unless the landlord is not performing (say, there is something wrong with the premises, such that there is a breach of warranty of habitability). So,unless you can get the landlord to let you out of the lease amicably (with a one-year lease, often by just letting the landlord keep the security deposit - but much more complicated with three year leases, especially where, as you say here, you are paying above fair market value, and landlord probably won't find someone else to replace you at same amount of rent, you may have to work a deal), landlord could sue you for monies due over remaining term of lease - and i he gets judgment which you don't pay, that's where you have problem with your credit rating as this likely will be reported to or found out by credit agency, etc. Note: at least where I live, in NY, landlord has duty to try to mitigate damages in re residential leases of real property (like yours), by showing the place, trying to find a new tenant at reasonable rent (hopefully, you are wrong, and reasonable rent is rent that you are paying), and can't just sit back, do nothing, sue for entire amount due on remaining term of lease, and leave premises lie vacant while he does. (I don't know where you come from, and even if I did, if it's not NY, I wouldn't know off top of my head if there is duty to mitigate in your state.)

In conclusion, talk to your landlord. Make up a good excuse for moving - not just that you think you're getting ripped off on rent, or tax issues on saving by getting house, but perhaps that you have to move to be closer to something else like work, school, kids if you're divorced, etc. Us knowledge set forth above re duty to mitigate, and if there is something wrong with place, say it, but not so as to antagonize (when you're in worse bargaining position, don't push it into a fight, keep everything as amicable and reasonable as possible). Try to work out a deal. Dream deal: landlord says goodbye, and even lets you use security deposit for last month's rent. This would be a miracle and don't count on it. Great deal: landlord keeps security deposit and you leave, while YOU GET A RELEASE FROM THE LEASE, IN WRITING!!!!! (NO MATTER WHAT DEAL YOU DO, PUT IT IN WRITING WITH GUARANTEE OF RELEASE IN WRITING AT END.) Unfortunately, also likely: you'll have to pay landlord a little something to get out of lease, perhaps over time.

Good luck.

Neil Ackerman