conveyancing in progress - when do I let my landlord know

The_Palmist

Hi Folks,

I have just sent all documents to my solicitor, mortgage offer received and all seem to be sorted from Bank's side.

I am currently renting and need to give a month's notice in order to get my deposit back.

Solicitor says it could take 6 - 8 weeks. I know the seller is buying somewhere as well and I have no idea how far he is in the process himself.

I am just trying to figure out when to call my letting agent and is it wise to agree on a completion date now or should I wait a few more weeks ?

I am seeing the seller on Wednesday, I can ask him when is he expecting to move in to the house he is buying. I have no idea of how long the chain is.

Thrugelmir

Wait until your solicitor advises you accordingly. Ensure he is aware of your situation i.e. giving notice.

Otherwise you may find yourself homeless.

Yorkie1

Do not give notice until you have exchanged or, as Thrugelmir says, you could find yourself in the position where you've given notice and the seller pulls out just before exchange. Only jump the gun if you will have somewhere to put your belongings and your head if the purchase does for any reason go wrong or get delayed.

Assuming you're on a rolling tenancy, you'll need to give a month's notice to coincide with the end of a rental period.

You should therefore try to negotiate the exchange and completion dates so that you pay as little as possible in overlap.

The_Palmist

Thanks, yes I am on a rolling contract. I thought exchange of contracts and completion is the same. When do I actually begin paying my mortgage.
Also I am seeing the seller Tomorrow, I will try and find out about his plans.

Mrs_Z

If possible, see if you can set the completion date 1 month or 4 weeks from the exchange of contracts. That way you can then give your notice when you exchange.

Sometimes exchange and completion can take place on the same day but it's not the norm. Once you exchange contracts, that's when you are comitted to buying and vendor committed to selling and there are penalties if either party changes their mind and do not go ahead. Completion is when the deal is sealed and your money is paid to the vendors and you collect the keys. You'll start paying the mortagage after completion, whichever day the payments are due.

Thrugelmir

Exchange of contracts normally happens before completion. To attempt both on the same day is fraught with risk.

Your sellers plans will depend on those above them in the chain. So once the complete chain is in place then the solicitors will suggest a mutually agreeable date to all parties. As removals etc need to be booked.

The_Palmist

Thanks, what are the risks if they both done on same day.

I am liking what Mrs Z suggested, it means I have to wait a bit longer.

Yorkie1

Anything can go wrong up to exchange. If you are scheduled for completion on the same day, you will in all likelihood have removals booked, cancelled milk, put utilities on notice of removal, possibly set up a mail redirect etc, got plans at the new place etc. The more people in the chain, the more the overall impact on everyone of these things having to be cancelled and rebooked.

The_Palmist

There are just us 3 in the chain, the one at top is moving in with her daughter. My seller has a little hold up with regards to access or something. I am going to wait till contracts are exchange and then give my notice. Thanks for the suggestions.