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Tenant breaking contract before moving-in

Property investment and tenants' rights - Askaboutmoney.com - www.askaboutmoney.com
Last edited: Jun 16, 2017 at 4:57 AM

I organised signing the lease contract with a new tenant a week before he moves in , as I am not living in the same city. The tenant didn't respond to my calls and emails for days before he came back saying he has decided to stay in another accommodation .

Now I have a month deposit , but I am likely not to get any new tenant before the moving date , as I will have to go through the whole search of new tenant process again from scratch , and this requires me to do multiple trips between where I live and the city where my rental house is located , I do not trust agencies .

What is the best practice here with the deposit , when is the right time to make the refund , am I entitled to penalize him financially ?

I appreciate if anyone has a link that gives some indication on the official way to handle this situation .

Thanks in advance

 


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