After exchanging contracts

bobbarley

Evening all. I mentioned in an earlier thread that the mrs and I are looking to buy our first home, so obviously we're not in a chain.

However, the rental house we're in requires 2 months notice to leave. Can anyone see it being a major issue that we can't move into the new house until 2 months after exchanging contracts? We wouldn't want to give our notice in before then in case the sale goes through and we end up homeless.

JA1000

If you were selling that house would you hang around and wait?

Is the problem here that you couldn't afford rent and a mortgage, it's only two months and would make moving easy. If they can rent the house out after a month they may accept 1 months notice worth negotiating, you offer to do viewings.

Priority in this market is get that house, just read through the threads, mortgages are being pulled on day of completion, surveys undervaluing amongst all the other problems.

I can't believe you are even hesitating - I would just get on with it.

bobbarley

Yeah we couldn't possibly afford rent AND mortgage payments, it isn't even an option. Our rent is £725 a month, and mortgage will be about £675!

JA1000

Negotiate on the notice?

What about the deposit is this one month so you would only have to cover one month.

bobbarley

Yeah, deposit is one months rent, tis written into the contract that it can't be used to cover any rent payments though. It's such a pain as our landlord lives in Australia now too!

bobbarley

Maybe we could persuade a seller to go up to about a month after exchanging contacts, then we would only have to worry about one months rent.

getmore4less

I thought rental was 1 months notice on periodic can this be changed by the contract?

bobbarley

Yeah it's just written into the contract.

ginvzt

I think the law is that tenant gives 1 month's notice, landlord - 2. If the contract says different to he detriment of the tenant, the law takes precedent and you can give just 1 month's notice. Go to house buying, renting board and people there will be better at explaining this to you.

HxBro

Are you renting through an agency or private ?

When we moved a few years ago, we were able to switch to a different contract that meant we were only liable for 10% of the rent whilst they found a new tenant till the end of the contract. We arranged this through the agency, they might do something similar for you.

bobbarley

Tis a private rental