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Would you give notice to landlord after exchange of contract or completion?
SantaKlaus
Posts: 162 Forumite
I am half way through buying my first house, the EA told me the vendor would move out into rented property if they hadn't found another property to buy by the time we completed.
I have signed my contract and sent it to my solicitor, i'm just awaiting their word on when they want my deposit money and when to exchange, so things are not far off from completion, we both originally wanted to complete by mid - end of january
The house i'm buying needs a lot of work doing to it and it'll be 4 weeks to do the work and until i can move in (re plastering, EML repairs, re painting etc).
I wanted to give notice to my LL after completion to be on the safe side after reading threads on this forum but today i received this e-mail from the vendors estate agent:
[FONT="]Hi ********,[/FONT]
[FONT="]Further to the below, the vendors of ******* have now found a property to purchase through ourselves.[/FONT]
[FONT="]They have enquired whether it would be possible to complete slightly later than previously discussed (sometime in February) as this would enable them to tie the purchase into their sale rather than go into rented accommodation out of town, for the sake of a few weeks.[/FONT]
[FONT="]Taking on board your e-mail below, I understand you need to give notice on your rented property no later than end of January. I wondered if it would be at all possible to exchange on your purchase before this date, with a set completion date set for some time in February? This would enable you to still give notice at the end of January, but ensure that you have vacated your rental property on or before end of February, within your notice period. [/FONT]
[FONT="]If this is at all possible then that would be great, although the vendors have said if it’s not possible then they will make arrangements to still complete mid-end Jan as previously discussed.[/FONT]
[FONT="]If you could let me have your thoughts that would be great.[/FONT]
[FONT="]Kind Regards[/FONT]
********
If i went ahead with their idea then i cant get the work done as it would only give me a few weeks,
What do you think i should do? on one hand i don't want to seem a **** but on the other i need to do stuff to the house before i can move in with my family.
If i didn't complete on time or not at all after contracts are exchanged then the vendor would get to keep my deposit but if they don't complete on time or pulled out after contracts have been exchanged what does the buyer get? not much i guess lol
I have signed my contract and sent it to my solicitor, i'm just awaiting their word on when they want my deposit money and when to exchange, so things are not far off from completion, we both originally wanted to complete by mid - end of january
The house i'm buying needs a lot of work doing to it and it'll be 4 weeks to do the work and until i can move in (re plastering, EML repairs, re painting etc).
I wanted to give notice to my LL after completion to be on the safe side after reading threads on this forum but today i received this e-mail from the vendors estate agent:
[FONT="]Hi ********,[/FONT]
[FONT="]Further to the below, the vendors of ******* have now found a property to purchase through ourselves.[/FONT]
[FONT="]They have enquired whether it would be possible to complete slightly later than previously discussed (sometime in February) as this would enable them to tie the purchase into their sale rather than go into rented accommodation out of town, for the sake of a few weeks.[/FONT]
[FONT="]Taking on board your e-mail below, I understand you need to give notice on your rented property no later than end of January. I wondered if it would be at all possible to exchange on your purchase before this date, with a set completion date set for some time in February? This would enable you to still give notice at the end of January, but ensure that you have vacated your rental property on or before end of February, within your notice period. [/FONT]
[FONT="]If this is at all possible then that would be great, although the vendors have said if it’s not possible then they will make arrangements to still complete mid-end Jan as previously discussed.[/FONT]
[FONT="]If you could let me have your thoughts that would be great.[/FONT]
[FONT="]Kind Regards[/FONT]
********
If i went ahead with their idea then i cant get the work done as it would only give me a few weeks,
What do you think i should do? on one hand i don't want to seem a **** but on the other i need to do stuff to the house before i can move in with my family.
If i didn't complete on time or not at all after contracts are exchanged then the vendor would get to keep my deposit but if they don't complete on time or pulled out after contracts have been exchanged what does the buyer get? not much i guess lol
0
Comments
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ha! my vendors did this - they were supposedly 'chain free' then halfway through found a place to buy...then that fell through ....
1) When exactly will exchange happen? I would be weary that their on-going purchase will take longer than the month or so specified in the email - do their vendors need to find a place to buy (and their vendors, and their vendors etc etc). ie. How long is the chain they are proposing?
2) Perhaps i am misunderstanding the situation with regards to your rental but assuming you agree to this 'long completion' date won't you simply give your rental notice at the appropriate time after you exchange? (determined by the time you need to do the renovation work?) ie. instead of 4 weeks in jan feb , it'll be 4 weeks in feb/march...
3) why do you fear you won't complete in time? as a ftb you presumably are ready to exchange/complete as soon as all the legalities are out the way? the only risk would be to the vendor ...0 -
Yes why does notice need to be end of January?0
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Yes why does notice need to be end of January?
Because I don't really want to be waiting any longer then I have been, I have been waiting many months for the vendor already.
Last month we finally agreed for mid to end of Jan, I originally wanted November last year but they didn't want to do it so quickly, but now they are looking to wait longer, I've been ready since October lol.0 -
ha! my vendors did this - they were supposedly 'chain free' then halfway through found a place to buy...then that fell through ....
1) When exactly will exchange happen? I would be weary that their on-going purchase will take longer than the month or so specified in the email - do their vendors need to find a place to buy (and their vendors, and their vendors etc etc). ie. How long is the chain they are proposing?
2) Perhaps i am misunderstanding the situation with regards to your rental but assuming you agree to this 'long completion' date won't you simply give your rental notice at the appropriate time after you exchange? (determined by the time you need to do the renovation work?) ie. instead of 4 weeks in jan feb , it'll be 4 weeks in feb/march...
3) why do you fear you won't complete in time? as a ftb you presumably are ready to exchange/complete as soon as all the legalities are out the way? the only risk would be to the vendor ...
1) I don't know yet, I'm awaiting answer from my solicitor about this now, should know within a few days
2) Been waiting too long already, I wanted November completion, they didn't, they wanted mid to end of Jan, so I agreed, Now they want later date
3) I will complete on time, I've been ready for ages now, i'm just wondering what the vendor stands to loose if they fail to complete on time, it seems like its just the buyer who is at risk if they don't complete on time, via losing their deposit and having to pay months of extra rent and bills0 -
You can't exchange until a completion date is agree, therefore get this agreed. You can try and say no to a later completion date but what if the seller says no to an earlier date and insists? Once you know the completion date you can decide when to give your month notice to suit you, and as long as it's not before exchange it doesn't really matter.Don't listen to me, I'm no expert!0
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If the vendor fails to complete after exchange then they end up in a world of pain if you push it. At the minimum they would have to pay all your reasonable expenses and costs.0
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When does your mortgage offer expire?0
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SantaKlaus wrote: »1) I don't know yet, I'm awaiting answer from my solicitor about this now, should know within a few days
what will you do if they want to link you into a new chain? Even if they have just agreed to buy a no onward chain property it will probably take at least another 4+weeks.
It is worth considering what your options are with the various scenarios...0 -
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what will you do if they want to link you into a new chain? Even if they have just agreed to buy a no onward chain property it will probably take at least another 4+weeks.
It is worth considering what your options are with the various scenarios...
to be honest i think the mortgage offer will have expired before then lol, so the vendors won't have the option of doing that, not with me as their buyer anyway0
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