When to hand in notice?

fluffy123

Hi all,

So nearing the end game of purchasing our first home - searches all done, pre-contract report received from our solicitor, we've signed our contract and it's on its way back to our solicitor. They're just waiting answers on some queries they've raised Mortgage approved and we're just waiting on the deeds to sign and send back. Other party is purchasing a new build home, deposit down, aiming/hoping to move in this month.

Only issue is that we currently rent and have to hand in a months notice to our landlord. The deadline for that is Thursday. Do we take a chance that all will be ready to go by April 5th? We're sort of lucky in that we have been offered a chance to live in with a relation for a couple of weeks if things did have to overlap....

So yeah, no exchange of contract yet but seemingly a mutual desire to move in March. Worth a go?

Pixie5740

Don't do it until you've exchanged. You don't know what the answer to these queries your solicitor has asked might throw up and new builds are notorious for delays.

kayfaz

As above, you won't know what those enquiries will report back.

I was in your position within the first 2weeks of my offer being accepted, that was 28th January.

Only now we are in a position to exchange and complete on the say day. Scheduled for this Friday.

I wouldn't advise giving a notice in until you have exchanged contracts.

BlaEm

Echoing the others - don't do it until you exchange! My 'final queries' took about two weeks from when my seller and I thought we could be exchanging to come to a satisfactory answer.

Also, from what I've learned on here New Builds are notorious for not being ready when they say they're going to be, so with the best will in the world your seller may not be in a position to move in March.

You could always advise your seller that if you haven't exchanged by Thursday, then you will likely need a longer period between exchange and completion due to your rental notice period (you could probably offer a compromise, where you end up doubling up on rent and mortgage for some but not all of the difference). This may be the push they need to get their solicitor to prioritise responding to your queries.

It's great that you can stay with relatives, however do factor in the cost involved in moving twice (e.g. if you need a removal company, or storage costs) versus paying an extra months rent.

Also worth remember that usually rent is in advance and mortgage is in arrears - e.g. I completed on the 5th of the month, and first payment came out the 1st of the following month. Plus you would hopefully get your rental deposit returned before the first mortgage payment, which would help with cash flow. May not be the same for all lenders but certainly was with mine.