First time buyer confusion

londonlucy

Hi everyone,

I hope someone can help me, it seems a really stupid question but I don't know who else to ask!

I'm trying to buy a flat. I live in one at the moment, rented from a landlord. I can leave at any time, just so long as I give 6 weeks' notice. My question is: how do you know when to give notice? If the buying process goes on for anywhere between 5 weeks to 3 months, how do you time it right? I'm worried I'll end my tenancy and then the buying process will drag on, leaving me nowhere to live!

Thanks guys!

P.S. I am going to download the FTB guide, I just wanted to ask for advice as well.

G_M

There are 2 key points in the buying process:

Exchange of Contracts and Completion.

When you exchange contracts a) both buyer and seller are legally committed and b) the date for Completion is agreed.

Usually Completion is about 4 weeks after Exchange, but you can agree any date - earlier or later.

So if you agree a 6 week gap between Exchange and Completion you can give your 6 weeks notice at that point.

But 6 weeks is an unusual period of time for a rental notice. Are you sure it is not 4 weeks (if you pay weekly) or 1 month (if you pay monthly) but always ending on a rent day??

Doozergirl

Completion is usually one week after exchange though, but I agree that you would set a longer period between exchange an dcompletion so you can give notice. 4 weeks might be a good timeframe as you don't pay too much rent but can move house at your leisure.

You need to tell your vendors this as it will be a bit unusual, if understandable.

Just don't give notice before you exchange, unless you have somewhere else to go in the meantime!

jozbo

my rental EAs have told me we need to give 2 months notice - is this not true? cant find anything in the contract to that effect.
we've had 2 1-year tenancy agreements and the break clause for this one is set at 6 months. As we signed in March does that mean it's 2 months notice until Sept then would be 1 months notice? Ta

G_M

my rental EAs have told me we need to give 2 months notice - is this not true? cant find anything in the contract to that effect.
we've had 2 1-year tenancy agreements and the break clause for this one is set at 6 months. As we signed in March does that mean it's 2 months notice until Sept then would be 1 months notice? Ta

You signed a 12 month agreement in March? So you can leave next March without giving any notice. Or...

... it all depends on the terms of the break clause. What does it say? Sounds like the break is at 6 months with 2 months notice ie give notice in July and leave in Sept. But don't take the agents word, read the contract! It might for example say you can GIVE 2 months notice after 6 months (ie in Sept) and leave in Nov. Unusual but possible.

londonlucy

Yes, I'm sure it's 6 weeks. I know, an odd period of time, but that's what it says on the contract so that's what it is. How long does it take from putting in an offer to exchange? Or is that a bit of a "how long is a piece of string" question?!

Thanks for your advice everyone, it's very helpful!

G_M

londonlucy wrote: »

Yes, I'm sure it's 6 weeks. I know, an odd period of time, but that's what it says on the contract so that's what it is. !

Not necessarily! Lamndlords and agents often include all sorts of things in contracts which can never be enforced or are even downright illegal.

there is a lot of legislation, which over-rides whatever is written in a contract, covering notice periods.

To know for sure we would need to know:
When tenancy started?
How long its fixed term was.
Has the fixed term expired?
When?
What happened then?

PerfectPeaches

You can always advise your solicitor of an achievable date for completion in order you can try to sort out your 6 week notice that you will need to give to your landlord. Once your solicitor has a date in mind, he can put this forward to the other solicitor and if given the ok then you can work towards it. Once you exchange there is no set rule for when completion must take place you can exchange 1 day and complete the next but by exchanging at least you would set a completion date which cannot be changed.

Its also worth advising your landlord of your purchase as sometimes they don't mind the tenant staying on for an extra couple of days.