How to get out rented house when I am buying my own

bretts

Hi All

Tried to look for this question at a lot of places on the forum but could not get a definite answer as everyone's situation is different

Can someone please help me

I am planning this in advance so I do have some time to go but do not want to do anything wrong

I applied for mortgage and have got valuation on monday.

The property i am buying is vacant now so if everything goes fine I might get the keys by may end but as per my MB it could be a lot sooner than that.

Problem is I just renewed my rent contract with the estate agents of the current property i am in. I have stayed here for more than a year now but we extended our contract by 6 months wef april as we were not liking any properties and then finally in march end we put an offer on one which was accepted.

What are the ways of getting out of the house without bearing too many costs if there are any.

Would really appreciate the help.

DRP

bretts wrote: »

Hi All

Tried to look for this question at a lot of places on the forum but could not get a definite answer as everyone's situation is different

Can someone please help me

I am planning this in advance so I do have some time to go but do not want to do anything wrong

I applied for mortgage and have got valuation on monday.

The property i am buying is vacant now so if everything goes fine I might get the keys by may end but as per my MB it could be a lot sooner than that.

Problem is I just renewed my rent contract with the estate agents of the current property i am in. I have stayed here for more than a year now but we extended our contract by 6 months wef april as we were not liking any properties and then finally in march end we put an offer on one which was accepted.

What are the ways of getting out of the house without bearing too many costs if there are any.

Would really appreciate the help.

multiply your monthly rent by the remaining months of your contract. e.g. £500 x 6 months. If your LL also agrees then this will tell you the approximate cost to terminate your SPT contract.

giddypenguin

You've signed a 6 month contract, so if you want to end it early there will be a cost involved, which you will have to discuss with your landlord. You may be able to get away with just finding a new tenant, or they could rightly ask you to continue paying the rent until your contract is up.

May be better off asking for a completion date after your rental contract has expired.

dimbo61

Big question is why did you sign a new tenacy agreement for 6 months when looking for a property to buy.
At the end of the fixed term the tenancy would have rolled onto a periodic tenancy where you only have to give one month's notice.
Guess the letting agent wanted the fees from you and landlord for new agreement.
Now buying a property takes on average 10/12 weeks with no problems ie survey or legals throwing up problems and you can delay the moving in date as you are the buyer .
You may end up paying rent and mortgage for a month or two but this is better than being homeless.
Once you have exchanged and the property belongs to you then speak to the LL/LA

bretts

well we actually completed one year in that house while we were looking for the property all the time and coz we dint like any we decided to sign the contract and extend it for a further 6 months. I was insisting for a contract which I Can terminate by giving one month notice but LA did not agree to that at all so I had no option but to sign a 6 month deal after which I can give notice of a month and get out of the contract. Fortunately we got the property and we put an offer and got accepted too, but unfortunately we found it in a week after we had signed the contract for rent.

Can someone please tell me what they mean when they say that keep the moving in date to be near the exchange of contracts or how can we delay the moving in date.

I am on good terms with my LA or so i think as we have not had any problems with them and vice versa and when they came around to check the house after 6 months they were quite happy with the way we had taken care of the house but I dont know how will they react to the fact that i want to terminate my contract earlier than the 6 months period.

I know the area I stay in they can get tenants in a day coz when the house was advertised i saw it and was in the property in 2 days and they said we already had a lot of interest as it is close to tube station. When do you suggest is the best time to tell him about termination of contract.

bretts

dimbo61 wrote: »

Big question is why did you sign a new tenacy agreement for 6 months when looking for a property to buy.
At the end of the fixed term the tenancy would have rolled onto a periodic tenancy where you only have to give one month's notice.
Guess the letting agent wanted the fees from you and landlord for new agreement.
Now buying a property takes on average 10/12 weeks with no problems ie survey or legals throwing up problems and you can delay the moving in date as you are the buyer .
You may end up paying rent and mortgage for a month or two but this is better than being homeless.
Once you have exchanged and the property belongs to you then speak to the LL/LA

Hi Dimbo

I completely agree with you that I should not have signed but we were looking since 1 year and did not find anything suitable so thought if in case we dont find anything suitable still we might have to stay here for some time and LA was only ready for a 6 or 12 month contract and rollover after that.
My property's survey is booked in for monday which is 15th and thats still just mid april so if everything goes fine i am expecting to get the keys by may end only not before that but thats the closest, the more its extended it is good for me but I dont know.

G_M

This post explains your rights and obligations and options:

Ending/Renewing an AST (what happens when the Fixed Term ends?)(What is a Periodic Tenancy?)(How can a LL remove a tenant?)(How can a tenant end a tenancy?)

bretts

Thank you so much G_M I Will go through this.

G_M

bretts wrote: »

...
Can someone please tell me what they mean when they say that keep the moving in date to be near the exchange of contracts or how can we delay the moving in date.

....

Borrow (free) a book from the library on house buying. You clearly don't understand the process and there will be 100 other questions that come up over the next few weeks/months that a book will answer fo you.

Briefly:

When legal/financial stuff is ready, you and the seller

*agree a 'Completion' date which is the date you will own the property and pay the final purchase price
* this 'Completion date' is written into the contract which you 'Exchange' with the seller. It is then a legally binding contract
* The gap between 'Exchange' and 'Completion' can be a day, a week, a month, or whatever you have agreed.