And advice FTBs vendors wnat to move for beginning of Nov

Engelbert

We have had an offer accepted on a lovely 2 bed house. When the offer was accepted we told them we need to give 2 months notice on our rented flat. I was advised by the estate agents not to give notice in October as the seller hadn’t yet found anything.

They have now found a house to move to but the sellers want to move in early November or asap. Our rental notice period is from the 6th so the earliest we can move now is 6 January. They have offered to pay half our rent if we move for November, but we will still be paying and extra £750 (one months rent). My parents have said they will help out too but don’t really want to ask them to do this.

We still need to get mortgage approved have the survey done and do all the searches. Have just spoken to the bank and the mortgage will be approx 2- 3 weeks

Any thoughts?

Thanks in advance.

moneysavinmonkey

Hi

What kind of tenancy agreement are you on?

If it's the rolling periodic kind which follows on from an AST then you only need to give one months notice to end on the rental period.. so that would mean as long as you gave written notice to your agents on the 6th November you could move out on the 6th December...

Engelbert

Oops - any-one know how I can edit the title for shocking typos and also get rid of the strange frowny face?

Engelbert

We have a year long contract with a clause that we can give 2 months notice any time after 5 months. The landlord hasn't even signed it but we have been advised that we should stick to the 2 month notice period all the same

macaque_2

Engelbert wrote: »

We have had an offer accepted on a lovely 2 bed house. When the offer was accepted we told them we need to give 2 months notice on our rented flat. I was advised by the estate agents not to give notice in October as the seller hadn’t yet found anything.

They have now found a house to move to but the sellers want to move in early November or asap. Our rental notice period is from the 6th so the earliest we can move now is 6 January. They have offered to pay half our rent if we move for November, but we will still be paying and extra £750 (one months rent). My parents have said they will help out too but don’t really want to ask them to do this.

We still need to get mortgage approved have the survey done and do all the searches. Have just spoken to the bank and the mortgage will be approx 2- 3 weeks

Any thoughts?

Thanks in advance.

I can only tell you what I would do. The property market is in a state of turmoil and the vendors should consider themselves very fortunate in having a buyer at all. They have kept you waiting (which I think is flipping cheek) for their own convience. If it was me, I would suggest they meet the full cost of your notice period. If they don't accept this, they could easily lose 10 times this amount if they have to find another buyer in the current market.

Engelbert

Thanks Macaque - This is my other concern. I am getting a bit spooked about the endless HPC speculation which appears to be gathering pace...

bylromarha

We were the vendors in a similar situation last year, except our buyers didn't tell us about their 2 month notice period...we wrongly assumed they had to give a month (as was standard when we rented 5 years prior) and didn't think to ask.

They didn't tell us about their length of notice until surveys had been done on both our current and new house. As I was 7 months pregnant, we said we'd pay their rent for the 2nd month of the notice period and complete in a month or we'd pull out. They took it.

Looking at your situation, the earliest you can get your mortgage sorted is mid November anyway...2-3 weeks in bank speak can easily be 4-5 weeks so that puts you in December. Searches can take 4 weeks.

I think your vendors are being unrealistic wanting to move in early november if you haven't yet got the mortgage finalised, searched or surveyed. Do they know this?

I would tell them you're happy to move early december, searches and surveys permitting, providing they pay your 2nd months rent, else you aren't willing to move before 6th Jan. If the dates move into mid december, then a daily rate as a percentage of the monthly total seems fair.

But if you do say this, are you prepared to walk away if the vendor says they won't pay your rent? Ensure your solicitor/EA/whoever speaks to them, asks if £750 is worth losing a pre-Christmas confirmed sale over? Are the vendors wanting to chance losing their buyer, especially when they've now found a house they like?

All the best and let us know what happens.

Engelbert

Thanks bylrhoma - that is useful. The vendor only told us that they had now found a property last week. I was all realxed that we had loads of time to do all the legalities until today! I think that they know our position, but might be worth explaining to them that as we thought we had until Jan not much has been done!

PasturesNew

Don't forget, there's still also plenty of time for the whole chain to stall or break. And always is until exchange.

Damned if you do, damned if you don't.

Giving 2 months' notice is a real bind when moving out of rentals, especially as it isn't strictly 2 months, but can even be longer.

Chat to your landlord, see what their plans are and see if you can negotiate some wriggle room there too if needs be.