Landlord is selling our house... Our new house purchase isn't built til November...

Jon_B_2

Hi,
















My wife and I bought a new build off plan late January. It is on schedule to be completed in November.




We are currently renting and yesterday our Landlord (who was unaware we had bought a house) served notice on us that he was selling up as he is buying a new house privately which is fair enough. He has given us our standard two month notice which is fine as we were on a rolling contract which suited both parties as we have been here for nearly five years. He has been an excellent landlord in the sense that we probably only speak to him once a year and he always rectify faults very quickly.
Anyway, we have been considering out options and starting out another 6-month tenancy is not very attractive. So we are exploring the option of moving back with my in-laws and putting most of our current house in storage as we will save lots of month not renting and running our own place for 4 months or so.
My question is, our full mortgage application goes through next month. Once this is in, will we get credit scored again before completion? Is it a case of making sure my wife and I both enrol on the electoral roll at our temporary accommodation as soon as we move in to satisfy all credit demands and is this likely to create any issues at all as our address will now be changing midway between exchanging contracts and completion?


Thanks.

martin.cat

You will find that even if you register it takes tie to show up o electoral hence you have to give previous address.,if period is short it shouldn't be a problem. I take it you mortgage etc is all sorted?

How advanced is your landlord at selling? If he hasn't actually sold / got a buyer it could take some time to actually sell / complete. It maybe worth speaking to him about staying on if that suits you. He maybe happy to keep rent coming in if he knows that you are definitely going

SplanK

I take it you have spoken to your existing landlord and asked if being kicked out could be delayed until yours is built?

Annie1960

Having just been in a chain with a new build at the top, it seems that the dates developers give are often optimistic.

If they are saying it will be ready in November, you need to check whether this developer has in the past kept to their schedules, as it could be delayed by months.

AdrianC

Your new house is due to be completed in seven months time, subject to delays, and a six month tenancy somewhere is an unattractive thought...? Seems like the ideal solution to me. Your landlord will probably be quite happy to shorten the notice period - plus, of course, YOU only need give one month's notice, not two.

Is your area a buyer's market, or a seller's market? It's entirely possible that it'll take six months to find a buyer, and if he knows that you are looking to leave in 6-9mo, he'll be quite happy to fit with that, with exchange on that sale hopefully tying to your own completion and vacant possession.