In exchange for the release of lease, you may need to forfeit your security. You can get a lawyer to help you, but making an agreement with the owner and getting it in writing is the best suggestion.
Contact him/her asap and ask if you can break the lease. If you can't move because of a job loss or some other good reason and they can rent it to someone else, they may let you out of it. But since August 1st is right around the corner you may be out of luck.
Hopefully you can work this out on your own but you should also contact an attorney just to be safe. Good luck!