Help! My tenant wants to leave - what now?
A fixed tenancy is legally binding and the tenant is responsible for paying rent until the end of the term unless the landlord agrees to a) release them from the tenancy because it suits both parties or b) the landlord agrees to release them if a suitable tenant can be found to take over the tenancy.
The owner is not obliged to release a tenant from a fixed tenancy but there is merit in working together to find a suitable substitute. The tenant could be released by the Tenancy Tribunal if the reason they are breaking the tenancy was unforeseen and forcing the tenants to remain would cause them severe hardship. So again, it may be better to accept your tenant is leaving for whatever reason and try to find a workable solution.
The owner is entitled to charge a reasonable amount to cover the cost of re-advertising the property. The outgoing tenant will need to leave the property clean and tidy and will have to pay rent up to the day the new tenant takes over.
Taking over a tenancy means rent and other conditions remain the same. A good reason to keep rent at market rent! Your property manager will be able to negotiate the best deal for you to keep your income flowing and your property well looked after.