How to break a lease

Business is bad! How do I break my lease?

For those unlucky souls who were unable to or didn't try to include a clause allowing them to get out of their lease obligations by paying a penalty now are panicking.

However, it may still be possible to do something.

The first step is to approach your landlord with the problem. Quite likely he or she is aware that you are having problems and may work with you to find a solution.

Perhaps you do not need to know how to break a lease but rather how to reduce rental costs so your business can continue on until things get better.

Landlords in bad times often work with tenants to give them rent concessions providing the tenant can prove real hardship. After all some rent is better than none. So if you think this can help you - work with your landlord to do this.

If you are really in need of ending your lease - a landlord may have another tenant who can fill your space and may even just let you go without penalty.

Much more likely is that he or she will want you to pay a financial penalty and this is negotiable.

Another route may be to sublease all or part of your space. Contact a broker to find out how viable this option is.
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