Agreeing completion date when renting - help!

northern_at_heart

We’re FTB and getting close to the stage of exchanging contracts (going to our solicitors next week to over the draft details). All the searches, surveys etc have been completed and we have our mortgage offer in place. However we are renting at the moment and having not yet given notice, and having just paid our 12 Nov-12 Dec rent, we are now committed to paying until 12 January. Our rent is £750pcm.

Our sellers have not exchanged on their purchase yet but want a quick completion – according to our solicitor, by the end of this month. I’m not sure why. When we were told this in the last letter from the solicitor, he suggested that we could ask the vendor to contribute to our rental costs so we could all move earlier. I’m just wondering:

a) We ideally want a week’s overlap so our ideal move date would be 5 Jan. Should we say we’re willing to complete as soon the vendor want on the condition they pay ALL our rent from completion to 5 Jan? It would be tricky for us to compromise and complete a week earlier as this would be between Xmas and New Year.
b) Who do we talk to about this – the solicitor or the estate agent?
c) Do you think I should worry about this? I’m paranoid everything’s going to fall through! Obviously as we want to delay exchanging for as long as possible (at least until 12 Dec when we have to give notice!) I’m happy to sit tight for now and see what happens, but the other part of me wants to exchange asap so at least we know it won’t fall through…

Thanks so much for your help – I know this is rambly but I’m so confused!

sooz

Have you tried speaking to your landlord?

Even if you could have given notice before yesterday to leave by 12th December, I doubt your landlord would have been very happy, as it's hard to relet properties so close to xmas.

Do you want to move asap? In your shoes, I'd rather exchange now, than let it drag on & risk losing the sale for another month's rent.

If you speak to your landlord, they may be happy to accept a month's notice to coincide with your completion date rather than your rent payment date. If they do agree, confirm your conversation in writing!

pinkteapot

Agreeing a completion date is a negotiation between all the buyers/sellers in the chain. First step is to say that you want 5th Jan and explain your reasons. See what date the other party come back with and negotiate from there.

You can try asking them to cover some of your rental cost but if they say no, it's not worth losing the house over. You may have to complete a bit earlier than you want and pay the extra rent (unless as suggested the LL lets you out earlier). Chalk it up to the costs of buying and selling.

We moved from rented in August and ended up paying for about three weeks overlap.

northern_at_heart

Thanks - our landlord won't compromise unfortunately. We knew it would have been rubbish to leave him in the lurch just before Xmas so kind of glad we didn't have to do that. We'll definitely have to pay until 12 Jan.

I'm not too bothered about moving quickly, just about not losing the house and not paying over the odds on rent and mortgage!

northern_at_heart

Aaargh - have just found out that it's our seller's seller who wants to complete early, and is desparate to complete next week.

But between next week and 12 Jan (the date we are obliged to pay rent until) we will be paying out £1175 in rent. Eek. We suggested £750 as a proposed contribution by the other party to enable us to complete next week. Does this sound reasonable? The EA said they were contemplating pulling out over this, so I hope they think paying £750 is better than having to pull out! Get a feeling the EA is trying to pressurise us though, so he gets his money sooner!

I've no idea why they need to complete so early (OH keeps forgetting to ask). Any ideas? Maybe their mortage offer is about to expire. We're going to the solicitors to go through the contracts tomorrow but we won't be signing anything till the date is agreed...

DVardysShadow

They probably only want to be in 'for Christmas'. Everyone wants everything done 'for Christmas'. 'for Christmas', that funny festival about a baby born without a home for which everyone will plough on to get their new home without regard for others.

You just have to be a little tough here. You have to say you want to stay where you are 'for christmas' and you will complete if they pay your mortgage to 5th Jan - not your rent.

sooz

DVardysShadow wrote: »

They probably only want to be in 'for Christmas'. Everyone wants everything done 'for Christmas'. 'for Christmas', that funny festival about a baby born without a home for which everyone will plough on to get their new home without regard for others.

Don't forget you must order your new sofa NOW in time for Christmas. Everyone needs a new sofa every Christmas, don't they?

38 days, 18 hours, 17 minutes to go.....

wessexw

They could be going away over Christmas, I'm in a similar situation with looking to exchange in a week or two and I'd like to complete a few weeks before Christmas so that I can be in and settled before Christmas. I'm out of the country for 10 days over Christmas so thats 'dead time' for me if I complete a day or two before I leave, I wouldn't be able to move in until after I came back. Could be something similar for that person in your chain

dizziblonde

DVardysShadow wrote: »

They probably only want to be in 'for Christmas'. Everyone wants everything done 'for Christmas'. 'for Christmas', that funny festival about a baby born without a home for which everyone will plough on to get their new home without regard for others.

Oi! I want to be in for Christmas! I want to hide from the seasonal TV tosh in a positive orgy of DIY and painting things NOT MAGNOLIA!!!! I want to hibernate from the entire festive season under a shower of paint colour charts and kitchen appliance catalogues... oh and stick a tree up in the corner of the chaos for the cat to climb and demolish like usual!

[Deleted User]

Lol.., think this thread has hit silly time.., but its fun anyway lol

silvercar

Question is whether you are prepared to walk away over this. You will already paid out mortgage arrangement fees and survey costs, solicitor's fees etc. Walking away will cost you. Compromise is the key.