Page 7 - The Ultimate Lanlord Guide_Neat
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Section 14 further allows the tenant to legally cancel a lease agreement at any time
by giving 20 business days’ notice, in which case you (the Landlord) may impose a
reasonable cancellation penalty.
The tenant still remains liable for any amounts owed up to the date of cancellation.
The Reasonable Cancellation Penalty may not exceed a reasonable amount, taking
into account:
The amount consumer is still liable for up to date of cancellation
Value of transaction up to cancellation
Value of goods that will remain in the possession of consumer after cancellation
Value of goods that are returned to supplier
Duration of initial agreement
Losses suffered or benefits accrued by the consumer as a result of the agreement
The length of Notice of cancellation provided by the consumer
The reasonable potential of the service provider, acting diligently, to find an
alternative consumer between the time of receiving the cancellation notice and
the time of the cancelled reservation
The general practice of the relevant industry.
Despite the above, the supplier may not charge a charge which would have the
effect of negating the consumer’s right to cancel the agreement.
The landlord may only cancel the agreement 20 business days after giving written
notice to the tenant of a material failure by the tenant, unless the tenant has
rectified the failure within that time. i.e. If the tenant rectifies the breach within
the 20 business days you cannot cancel the agreement.
BE AWARE: You may sue or start legal proceedings for a Material Breach at any
time e.g. on 7 days’ notice that you will start legal proceedings.
Be sure to take into account and draft
into the lease or special conditions, all
aspects of your specific property that
needs to be covered.
Consult an experienced Property
Attorney to draft your lease if you
consider your property worth the money
that an Attorney’s input may cost,
otherwise speak to your Estate Agent
about using their lease.
Etchells and Young Property Brokers P A G E 6
