Hi,
we signed another 2 year fixed term tenancy with our tenants after the previous one had expired which still has 20 months left to run. We have a good relationship with our tenants, and they are good tenants and have never missed a rental payment.
With the market turning the risk of losing our jobs have increased significantly, and our risk exposure has increased to the degree where we now think we're best to sell the rental property and consolidate our debt. If either one of us were to lose our jobs, we would probably lose the house through a mortgagee sale as we have to top up the mortgage with more than the amount of rent we are getting. One os us lost our job at the end of last year but we managed to scrape some money together until we had found another job. This happening scared the crap out of us in terms of our debt levels though.
What are our options in terms of getting out of the FTT, and what is deemed acceptable in terms of "buying" them out to terminate? We have thought of giving them 3 months notice, 2 weeks rent for free and/or paying for their moving cost up to a limit.
we signed another 2 year fixed term tenancy with our tenants after the previous one had expired which still has 20 months left to run. We have a good relationship with our tenants, and they are good tenants and have never missed a rental payment.
With the market turning the risk of losing our jobs have increased significantly, and our risk exposure has increased to the degree where we now think we're best to sell the rental property and consolidate our debt. If either one of us were to lose our jobs, we would probably lose the house through a mortgagee sale as we have to top up the mortgage with more than the amount of rent we are getting. One os us lost our job at the end of last year but we managed to scrape some money together until we had found another job. This happening scared the crap out of us in terms of our debt levels though.
What are our options in terms of getting out of the FTT, and what is deemed acceptable in terms of "buying" them out to terminate? We have thought of giving them 3 months notice, 2 weeks rent for free and/or paying for their moving cost up to a limit.
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