Alcove's early lease termination policy

This article covers lease terminations and room switch policies

If the Housemate would like to terminate their lease agreement prior to the expiration of its natural term, that Housemate must provide notice through the Alcove platform and discuss such termination with the Landlord prior to vacating.

Subject to Landlord’s approval, the Housemate may be permitted to terminate this Agreement early under certain circumstances.

1. A replacement roommate may be required

If the landlord agrees to terminate the lease, they may do so on the condition that the tenant finds a suitable replacement for the premises. In this case, the tenant must continue to comply with the remaining terms and conditions of the agreement until a replacement is secured.

Alcove and the Landlord shall retain ultimate authority in approving the replacement Housemate via the platform’s application and leasing process at the time. The incoming Housemate must also execute an Agreement before the lease termination is finalized. 

If a housemate wishes to switch rooms within the same home, landlord approval is still required. However, there is no need to find a replacement roommate.

2. If the landlord does not require a replacement roommate, they can enforce a notice period.

If the landlord agrees to waive the requirement for a replacement. The Landlord has the authority to charge an early termination fee and/or implement the following timeline for the termination of the Housemate's lease:
 
If the lease termination request is approved and signed before the 15th of the month: the lease will be cancelled on the 15th of the following months. For example, a lease termination request approved and signed on 14th of January, will be terminated on the 31st of January.

If the lease termination request is approved and signed on or after the 15th of the month: the lease will be cancelled at the end of the following month. For example, a lease termination request approved and signed on 15th of January, will be terminated on the 28th of February.

3. Alcove's termination Fees may apply
 
Unless the Housemate is room switching to another Alcove room, they agree to pay for Alcove’s lease cancellation fee of two (2) months of rent.

In addition, any outstanding charges to the Housemate will have to be paid before the agreement is terminated. The charges are separate Alcove's lease termination fee.

4. Once a lease termination request has been submitted, it cannot be cancelled 

Once a lease termination request has been submitted, it cannot be canceled as Alcove will promptly start begin the marketing process for the room.

Summary of termination, terms and fees: