FTB - Advice on giving notice on rented house

Zeebs90

Hi everyone,

Just looking for a bit of advice!

We are in the process of buying our first property and currently have had our mortgage application approved subject to valuation, which should be taking place this week. We have also got a survey pencilled in for the week after, subject to the valuation going ok.

We went to view the property again yesterday and out vendor said she thinks her vendor is wanting to exchange mid-may as he is moving abroad.

We have a two month notice period on our current tenancy and obviously want to avoid rent/mortgage overlap as much as possible. When should we give our notice? I'm concerned things might move quite quickly with the sale but don't want to be left in the lurch of something goes wrong, which I'm very aware it still could at this stage!

Thanks!

Person_one

Don't give notice until you've exchanged contracts. It will mean an overlap but that's far preferable to bring left wth nowhere to live!

kinger101

What type of tenancy do you have? On a statutory periodic, the tenant usually gives one month's notice, though they do need to coincide with rental periods.

The sensible thing to do would be to not serve notice until you've exchanged contracts, as that's the point at which you'll know when you'll be moving. Or at the very least, the vendors will pick up storage and accommodation costs if they fail to complete on time.

If you give notice before, you may not exchange at all. Then you'll still need to move. Or your tenancy may expire before completion, in which case you'll need to find temporary accommodation or stay beyond your tenancy (which would see you paying double rent).

TBH, tenancy overlap is just an expense of buying. You can try to time completion to minimize this, but it's not easy. On serving notice, you could also offer to surrender the tenancy early for a partial rent refund. If the LL won't, don't give them access to the property to redecorate etc.

Zeebs90

Thank you.

After our year long agreement ran out we signed a new contract with the LL for a two month rolling contract. They are a lovely couple though and I imagine they will be quite willing to be flexible. We have already warned them we will be moving out shortly so I guess waiting until we exhange is the most sensible thing to do! The house is lovely and in a great location so I have no doubt they will be able to let it again very quickly!