Completion Date for house purchase

venture211

We are FTB privately renting and are in the process of buying a house.We have 2 month's of notice on our our existing contract to end it with rent and renewal date being the 26th this month.

Now, we are already in a stage where we have a verbal full application mortgage offer, but have not given any notice to the landlord/letting agency.Valuation has come out ok.Searches are still pending(will take 2-3 weeks).We have been told mid to end July should be fine with the vendor of the new house.We would also like to move in in July time if possible.

How do we convince the landlord or the letting agency to end the contract before the 26/08 (if we give a notice now) as start of notice would be earliest from 26/06?
OR
Should we still wait for the exchange of contracts to give notice?Is it too early?A 2-month wait time from exchange time seems to be a lot.

We would like to move into the new house ideally with a 1 or 2 week overlap.

Yorkie1

Are you in England / Wales?

Is your tenancy still in its fixed term, or are you into a rolling period?

Why do you think you have to give 2 months' notice?

Setting that point aside for now, the strong advice is never to give notice on your rented place until you have exchanged, unless you are prepared to move in with friends / family and put furniture into storage.

Anything can go wrong until exchange, and if you anticipate things and they go wrong, then you can find yourself in a sticky hole.

venture211

Yorkie1 wrote: »

Are you in England / Wales?

Is your tenancy still in its fixed term, or are you into a rolling period?

Why do you think you have to give 2 months' notice?

Setting that point aside for now, the strong advice is never to give notice on your rented place until you have exchanged, unless you are prepared to move in with friends / family and put furniture into storage.

Anything can go wrong until exchange, and if you anticipate things and they go wrong, then you can find yourself in a sticky hole.

Yes, in England.We have a 1 yr contract with a break clause with 2 month notice. It is up for renewal this 26th.

I think we will have to wait until the exchange and not renew the current contract and have completion possibly in August.Does that sound correct?

Guest101

Depends, the vendor may want an earlier completion, who knows. Have they found a place to buy/live?

My own experience is, I was ready to exchange for 4 weeks, completion 3 weeks frome xchange, so 7 weeks in total (that's 7 week from when I signed the contract)

So be careful

venture211

Guest101 wrote: »

Depends, the vendor may want an earlier completion, who knows. Have they found a place to buy/live?

My own experience is, I was ready to exchange for 4 weeks, completion 3 weeks frome xchange, so 7 weeks in total (that's 7 week from when I signed the contract)

So be careful

Yes, the vendor has already found a place but we have not yet heard back from them definitely as to when they want to complete.EA said at the earliest and mid-July or end should be fine.

We wanted to move out quickly from the rented accommodation , so that's the reason for my post.But it does not seem to me that it would happen.

The conveyancer anyways is going at a very slow pace.So, it may actually work for us if we stay here and complete August beginning/mid with 2 week overlap.

calicocat

hi, i'm doing or about to be doing this too. No way will I be giving notice until the house is mine lock stock and barrel as anything can happen. It means i'll be paying for both for a short period, but better that than in the street.

Is it not normal to just give 1 months notice?

G_M

venture211 wrote: »

Yes, in England.We have a 1 yr contract with a break clause with 2 month notice. It is up for renewal this 26th.

I think we will have to wait until the exchange and not renew the current contract and have completion possibly in August.Does that sound correct?

Do you mean the original 12 month contract ends on 26 June?

If so:

1) you do not need to give any notice to leave on 26 June
2) the break clause becomes irrelevant
3) on 26 June, you move to a Periodic (monthly) tenancy - do NOT sign a new contract! (see below)
4) thereafter, you can give ONE tenancy period notice (this is a month, but must align with the monthly tenancy dates (see below)

Do NOT give notice formally until you Exchange contracts on your new home.

But if you have a good relationship with your landlord, have a chat, explain what you are hoping for (without commiting yourself) and see how flexible he is willing to be on dates.

Now read:

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?)