One day you're living quietly in your cosy apartment, and the next, you're wondering how you're going to pay the rent. If you're facing a situation that puts pressure on your living arrangements, it may be worth considering subletting. Subletting your property could be the best option to give you a little financial breathing room without losing your home.
We've broken down the topic of subletting and highlighted the key points that you need to take away when making big decisions like these. What is subletting? Say you’re a tenant and you, in turn, lease out your apartment that you’re already renting from a landlord. That’s called subletting.
Your name will remain on the lease, making you responsible for the property and the payments, but a third party subsidizes part or all of the rent. Subletting is temporary, but an assignment is a permanent transfer of tenancy. If you need to break your lease earlier than the rental contract dictates and you have no intention of returning, then you and your landlord would work to assign the property to another tenant.
When subletting, you are still liable to pay the monthly rent to the landlord and you then recover this from your tenant. In an assignment, you are no longer responsible for the rental. Remember when subletting that you are responsible for the monthly payments until your lease expires as the original tenant with a legally binding lease agreement in place.
With this in mind, make sure that the arrangements you put in pla.