When to end a rental tenancy when buying.

Newbiebuyer2016

I'm just curious as to when people end their rental tenancies when moved house?

We pay our rent on the 10th of every month. We are buying a S/O new build so no chain and house is ready to move into.

Housing association gave us an exchange date of 18th May.

We've had an update from broker yesterday to say Leeds have gone through the initial application, they may request more documents (husband self employed, gifted deposit so this is possible but we have submitted full accounts and Leeds own gift deposit form).

We've been told hopefully outcome will be 9th May. The valuation is booked in for Thursday 5th

First question, would they ask for more documents before Thursday or after the valuation?

Would the valuation get back in time and we might have an offer by the 10th?

We are very keen to hand in our notice on the 10th May rather than complete end of May then hand notice in 10th June. That means move date wouldn't be until July.

mildredalien

We're on a rolling contract and plan to give 2 months notice when we exchange, with a completion date around 1 month after that. We may have to do some negotiation of dates to fit in with our rental period, although we know our landlords so they may give us some flexibility.

Thrugelmir

Newbiebuyer2016 wrote: »

Would the valuation get back in time and we might have an offer by the 10th?

Until you actually receive an offer there's no certainty. Speculating is pointless. Likewise how long will the purchase process take. Even your solicitor can give you no guarantees. As the matter will be outside their direct control.

Newbiebuyer2016

So do people tend to give notice when they exchange?

lewishardwick

I'm not tendering notice until I exchange.

If you're on a periodic tenancy, why are you giving two months notice? You only have to give one.

HappyMJ

Newbiebuyer2016 wrote: »

So do people tend to give notice when they exchange?

If they know for certain when the completion date is yes.

If you've got a rough idea you can hand in notice anyway and if you haven't exchanged it is possible to stay on after the date that you said you would leave. If you do stay on you though you would be liable for double rent by the day until you do leave....it's all down to negotiation. Ask the landlord what they think and you may be able to agree to leave on any date you want to leave on.

Barney72

Hi we have exchanged this month but as its a new build they still say June when complete no specific date yet. We are on a one month notice but we have to give it on rent day so that's the 18th so in ideal world we will give notice on 18 May and get a completion day just before 18 th june hope not after 18th as will mean another rent payment

AnotherJoe

Don't underestimate the ability not to have to move out and in on the same day. Whilst I appreciate both of you not wishing to pay extra rent, a week or two will be a godsend in terms of smoothing the move at both ends.
By far the easiest and least stressful move I ever did was my first one from rented to a purchase. Every other one at best has been hectic and worst (ill on the day), horrendous.

Debtslayer

Solicitors advised us not to give notice until exchange of contracts had taken place as nothing is legally binding until then
If you know your landlord you may find that they're flexible. If you're on a rolling contract you only have to give one months notice I believe but does your rental agreement say different?

Newbiebuyer2016

We are giving one month, and we are planning to move in before. Ideally we want to complete around the 1st June and give rented keys back on the 9th- we need a lay a new carpet in the rented too so.

Thanks for all the advice.

Zeebs90

We have a two month notice period aand we are planning to give our notice tomorrow as we are working towards an end of May exchange at the moment. So if it all goes a bit pear shaped we still have an extra month and if it is drags even longer we will have to stay with family! We understand the risks but and we have a lot of holidays/festivals coming up in June and July anyway havinf to stay with family wouldn't be so bad!