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  • FIRST POST
    • atstreetlevel
    • By atstreetlevel 16th Mar 17, 11:50 AM
    • 9Posts
    • 0Thanks
    atstreetlevel
    First time buyer with questions!
    • #1
    • 16th Mar 17, 11:50 AM
    First time buyer with questions! 16th Mar 17 at 11:50 AM
    Hi guys,

    I'm in the process of buying my first property and I'm currently renting another while we go through the long process.

    I'm in a situation where we're approaching the end of our rental term and the agent is asking us to either renew 2 months in advance or give leave so they can re-market the property. This leaves us in a tricky situation -

    i) either gamble and bank on the property completing so we can leave our current abode, which could backfire with nowhere to live if it falls through

    or

    ii) renew the rental for peace of mind, but then be in a position where we are in a notice period of at least 2 months and have to effectively pay rent & mortgage at the same time.

    is it possible to delay the mortgage start date or try and dictate terms to avoid this situation? I'm sure many people have experienced it so I'd welcome any advice/similar situations!

    Thank you
Page 1
    • csgohan4
    • By csgohan4 16th Mar 17, 11:53 AM
    • 3,567 Posts
    • 2,239 Thanks
    csgohan4
    • #2
    • 16th Mar 17, 11:53 AM
    • #2
    • 16th Mar 17, 11:53 AM
    Option 2 as you have control over where your living.

    alot of purchases fall through for various reasons, I am sure you do not want to be homeless

    You do not give notice until you have a exchanged AND have a completion date
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • Rain Shadow
    • By Rain Shadow 16th Mar 17, 12:15 PM
    • 1,671 Posts
    • 3,038 Thanks
    Rain Shadow
    • #3
    • 16th Mar 17, 12:15 PM
    • #3
    • 16th Mar 17, 12:15 PM
    Why can't you just go onto a periodic tenancy and just have to give one month's notice at a time suit you?


    Don't give notice until you have exchanged (you will have a completion date then).


    Some overlap is almost inevitable
    You can pick your friends and you can pick your nose but you can't pick your friend's nose.
    • atstreetlevel
    • By atstreetlevel 16th Mar 17, 12:38 PM
    • 9 Posts
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    atstreetlevel
    • #4
    • 16th Mar 17, 12:38 PM
    • #4
    • 16th Mar 17, 12:38 PM
    Thanks for your responses, very helpful.

    I think the agent and vendor are just trying to protect their interests - they are asking for renewal two months prior to contract expiry (we have two months left on the original deal), and then we cannot serve notice until two months after the new fixed term begins. We have a good relationship but this leaves us in a tricky position financially if we are stuck with two months notice, paying 2 months rent on top of (potential) mortgage repayments. I do appreciate however that overlap is a regular thing.

    Would it be best to run the clock down and transition into a periodic tenancy? But then on the other hand, the landlord could give us two months notice (from now) to remarket the property so we can't do this. I'm struggling to get my head around it!

    Thanks
    • lika_86
    • By lika_86 16th Mar 17, 12:41 PM
    • 1,094 Posts
    • 3,981 Thanks
    lika_86
    • #5
    • 16th Mar 17, 12:41 PM
    • #5
    • 16th Mar 17, 12:41 PM
    Even if the landlord gives you two months notice that doesn't mean you actually have to leave then, if you don't then they will need to bring proceedings to get you evicted, which take ages.

    A lot depends on how far through the process you are.
    • csgohan4
    • By csgohan4 16th Mar 17, 1:03 PM
    • 3,567 Posts
    • 2,239 Thanks
    csgohan4
    • #6
    • 16th Mar 17, 1:03 PM
    • #6
    • 16th Mar 17, 1:03 PM
    you could be honest with the LL and agent, but you can't have it both ways unfortunately. I had to pay 1.5 months rent from transition from renting to buying.

    It is inevitable for overlaps and more concerning you don't have much savings left to cover emergencies. Boiler replacements are at least 1-3 K and roofing repairs are 5 figures.
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • sammyjammy
    • By sammyjammy 16th Mar 17, 1:22 PM
    • 4,127 Posts
    • 4,469 Thanks
    sammyjammy
    • #7
    • 16th Mar 17, 1:22 PM
    • #7
    • 16th Mar 17, 1:22 PM
    Thanks for your responses, very helpful.

    I think the agent and vendor are just trying to protect their interests - they are asking for renewal two months prior to contract expiry (we have two months left on the original deal), and then we cannot serve notice until two months after the new fixed term begins. We have a good relationship but this leaves us in a tricky position financially if we are stuck with two months notice, paying 2 months rent on top of (potential) mortgage repayments. I do appreciate however that overlap is a regular thing.

    Would it be best to run the clock down and transition into a periodic tenancy? But then on the other hand, the landlord could give us two months notice (from now) to remarket the property so we can't do this. I'm struggling to get my head around it!

    Thanks
    Originally posted by atstreetlevel
    If you have two months left on your fixed term you are not required to do anything, If you still don't have exchange of contracts by the time that two months has gone you just go onto a periodic tenancy of requiring to give one months notice in line with your rental dates.

    If you would expect to have things sorted by the end of your fixed tenancy it does no harm to let them market the property but make sure any visits are in line with what is convenient for you.
    "You've been reading SOS when it's just your clock reading 5:05 "
    • atstreetlevel
    • By atstreetlevel 16th Mar 17, 1:42 PM
    • 9 Posts
    • 0 Thanks
    atstreetlevel
    • #8
    • 16th Mar 17, 1:42 PM
    • #8
    • 16th Mar 17, 1:42 PM
    Thanks all. Sammyjammy, I think our difficulty is that while we can leave it, the landlord can rightly call our bluff and call notice now so we only have until the end of contract expiry. If we don't have exchange by then, we're out. Ideally we would have a gentleman's agreement for this sort of thing! I guess we just need to make a call on it.
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