HOW TO CANCEL A LEASE AGREEMENT
It is a new year and everyone is either extending their current lease agreements or entering into a new lease agreement, but what if you wish to cancel the lease agreement before the expiry of the lease and there are no provisions in the lease itself regarding the cancellation of the lease?
Your answer will lie in the provisions of the Consumer Protection Act, more specifically, Section 14.
The Consumer Protection Act (“CPA”) came into effect on 31 March 2011 with the main aim to protect consumers against unfair trade practices. One thinks that the CPA is only applicable to selling of goods and providing of service but the CPA is also applicable to all lease agreements.
Section 14 (b)(i) and (ii) of the CPA reads that the lessee may cancel the lease agreement at any other time during the duration of the lease, by giving the lessor 20 business days’ written notice. The CPA also states that should the lessor use Section 14(b)(i) and (ii) of the CPA to cancel the lease, the lessor may impose a reasonable cancellation penalty as per section 14(3) of the CPA.
Readers, should you have entered into a lease agreement and you wish to cancel the lease agreement, remember to give 20 business days’ written notice to the lessor of your intention to cancel the lease and remember that the lessor can charge a cancellation fee.
Should wish to find out more on how to cancel your lease agreement contact us at firstname.lastname@example.org