Temp change of address between exchange and completion

Abbey10

Hi,

I am a FTB and in the process of purchasing a new build. We aim to exchange by the end of this month and the expected completion mid October. We have a break clause in our rental agreement which will enable us to leave our rental by the end of October (to avoid being tied in till Jan 2020). We cannot use the break clause if it means we would leave the rental property in Nov or Dec 2019. If all goes to plan then we will have no issues. However, if there are any delays in completion/entry then we will have to move out of the rental at the end of October and live with family, meaning we will have a change of address between exchange and completion.

Will this cause any issues with the mortgage? Should I change my address with banks and on the electrol roll etc for this interim period or will that cause concern with the lender? I just don't want to do anything to jeopardise the mortgage after exchange, especially because we will only be at the family home for the duration of the delay.

Thanks!

muhandis

Do you have a broker that you can ask?

If not, in your place I'd just redirect all my post and wait for completion to happen before making any changes to addresses.

All this is assuming that the expected completion in mid October is fairly certain and any delay would be minimal.

The way you have described it, the break clause seems very odd.

Abbey10

Thank you. Yes, he is on holiday for a few days and I'm a worrier so thought I would ask on here too! We are hoping there is no delay or only a very minimal delay.

We currently have a 6 month AST with a 2 month notice period and the letting agent have said its harder for them to get new tenants in Nov and Dec so they only way they would allow us to add this clause would be if it had the condition that the tenancy will not end in Nov or Dec. So effectively we either need to give notice this month to leave 31st October (or earlier) or be tied in till Jan 2020. They didn't need to give us any break clause so even though its not ideal its better than the alternative which is paying rent and a mortgage for a few months.

Let_Us_See

No, I will not be a problem. Get your broker to inform your lender and solicitor of any change of address.