Moving from rented to own home, when to give notice?

grifferz

Hi,

We're first time buyers who've just had an offer accepted. I realise there is a long way to go yet and it could all still fall through, but I was wondering at what point it is safe to give notice to current landlord?

We are currently on one month of notice. Our payment date is 27th of the month.

The vendor is moving into rented so there is no chain. Should we try to exchange and complete on the same day?

If we don't exchange and complete on same day, is the completion date fixed once exchange has happened? i.e. Once exchanged are we 100% safe to schedule our last day of occupancy in rented with that in mind?

e.g. assume for argument's sake we exchange and agree a completion date of 10th May, are we safe to then give our notice on 26th April for a last day of occupancy of 26th May?

Or is there even a slight chance that completion date can slip? If so, we would want to be more cautious.

Thanks,
Andy

BitterAndTwisted

There's no absolute guarantee that the agreed completion-date will be kept to. You can come to an agreement about the completion date but there could be any number of reasons why this may not happen. Happen it will once exchange has taken place, but who knows when?

R_P_W

Yes the completion date will be fixed once you have exchanged contracts. Can you not just give notice when you exchange?

grifferz

R_P_W wrote: »

Yes the completion date will be fixed once you have exchanged contracts. Can you not just give notice when you exchange?

I don't know. If you are correct I would say yes; if BitterAndTwisted is correct I would say no!

Yorkie1

Do not give notice until you have exchanged. There is no way of knowing whether anything might go wrong until that point, and you could otherwise find yourself homeless if you give notice prematurely.

If you're careful, you'll probably be able to agree the exchange and completion dates to coincide with the date you need to give notice to your LL so as to fit with your tenancy periods.

grifferz

So how common is it for completion dates to slip after they have been agreed at exchange?

GDVS

grifferz wrote: »

I don't know. If you are correct I would say yes; if BitterAndTwisted is correct I would say no!

If you do not complete on the agreed date you are in breach of contract, this is an expensive situation to be in.

Kayalana99

grifferz wrote: »

So how common is it for completion dates to slip after they have been agreed at exchange?

Once exchange is done its usally straight from thier...but it can 'slip' if your on decent terms with your LL though if this did happen Im sure they wouldn't mind you hanging on for another month as long as they didnt find someone straight away!

I would hand notice in on exchange and take the risk tbh though the chances are pretty slim!

R_P_W

I thought one you exchange you agree a completion date. If you don't complete on that agreed date you are in breach of contract and can be sued for costs by the other party?

DRP

R_P_W wrote: »

I thought one you exchange you agree a completion date. If you don't complete on that agreed date you are in breach of contract and can be sued for costs by the other party?

Exactly.

ONce exchange has occurred then your completion date is fixed. It is very rare for completion to 'slip' and if it does then the guilty party can be sued for mega£££

kingstreet

It depends on your vendor.

If you are buying from someone buying a "normal" property, you would normally exchange, with completion a month ahead and give notice on that exchange day.

However, if your vendor is buying a newbuild, exchange will take place, with completion "on notice" and you'll need to keep in touch with the builder to establish when the property will be finished, so you ensure you don't give notice on your rental, too early, or too late.