We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
FTB Advice Needed- When Should I Give Notice?
SwissLe
Posts: 265 Forumite
Hi Guys,
I recently had an offer accepted on my first flat on Friday. It's a Bellway part exchange property and I bagged a bargain. One of the conditions is that we have to complete by the end of this month (February). Mortgage advisor says it's possible and so does solicitor. I am currently in rented accom. and need to give 30 days notice. My rental date is the 27th of the month. When do you think would be safe to give notice? I don't ideally want to pay mortgage and rent togeher in one month. I am going to cancel Sky and BT on Monday, as I could live without these for a time if something went wrong.
Any advice would be welcome ... :j excited!
I recently had an offer accepted on my first flat on Friday. It's a Bellway part exchange property and I bagged a bargain. One of the conditions is that we have to complete by the end of this month (February). Mortgage advisor says it's possible and so does solicitor. I am currently in rented accom. and need to give 30 days notice. My rental date is the 27th of the month. When do you think would be safe to give notice? I don't ideally want to pay mortgage and rent togeher in one month. I am going to cancel Sky and BT on Monday, as I could live without these for a time if something went wrong.
Any advice would be welcome ... :j excited!
I'm going for my QuidCo £million!
Total So Far: £9923.58
Total So Far: £9923.58
0
Comments
-
Hi Guys,
I recently had an offer accepted on my first flat on Friday. It's a Bellway part exchange property and I bagged a bargain. One of the conditions is that we have to complete by the end of this month (February). Mortgage advisor says it's possible and so does solicitor. I am currently in rented accom. and need to give 30 days notice. My rental date is the 27th of the month. When do you think would be safe to give notice? I don't ideally want to pay mortgage and rent togeher in one month. I am going to cancel Sky and BT on Monday, as I could live without these for a time if something went wrong.
Any advice would be welcome ... :j excited!
Personally, I wouldn't cancel until you exchange contracts - since anything can happen until then: you could find yourself homeless if things go pear-shaped and you have already handed your notice in...
Our house sale recently fell through: we were trying to do the reverse - go from an owned home to renting. I found a LOVELY place to rent within a week of accepting the offer on our house, but I wouldn't sign anything or let them cash a holding deposit until after exchange. Even though I had a FTB with big cash deposit and mortgage already arranged - basically "no reason for the sale not to go through". Needless to say, 3 weeks later (and only 3 weeks before the completion date demanded by the buyer) the buyers gazundered and the house sale fell through :rolleyes: . If we had handed over the £550 non-refundable deposit for the rantal property, we would have lost that money...
Nothing is certain until exchange.... I am sure it will be fine, BUT don't put yourself in a difficult situation (unless you have no furniture and can move back in twith your parents or something similar...).
Good luck
QT0 -
I agree, wait until it's definitely yours - if factor the additional cost in case it goes belly up then you have ample breathing room to move in at your own pace taking out one of the stressful things to think about.
I did this when moving from my last rented place to my current one and it worked a treat. I'll do the same thing when I eventually buy.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards