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What is the penalty for termination of TA before the lease term ends
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The penalty for termination of a Tenancy Agreement (TA) before the lease term ends can include:
- The tenant may need to pay two months' rent in lieu of notice if they terminate the lease early under the diplomatic clause.
- If the rent, hire charge, management fee, or service charge remains unpaid for seven days after becoming payable, the landlord can claim an interest at ten percent per month on the unpaid amount.
- The landlord has the right to re-enter the premises and terminate the tenancy if the tenant fails to perform or observe any obligations, becomes bankrupt, or goes into liquidation.
- If the rent, hire charge, management fee, or service charge remains unpaid for seven days after becoming payable, the landlord can claim an interest at ten percent per month on the unpaid amount.
- The landlord has the right to re-enter the premises and terminate the tenancy if the tenant fails to perform or observe any obligations, becomes bankrupt, or goes into liquidation.
These penalties are subject to the specific terms and conditions outlined in the lease agreement.