Fixed Completion, no exchange date and rental notice

OmegaAlpha

Hi, we are buying a new build which has a fixed completion of 20th December, however we don't have an exchange date yet. My Solicitor and the developer are confident that we will complete on the 20th, but as we are in rented I wanted exchange this month to hand in notice.

The new house was at first fix about two weeks ago and the developer is coming up to year end so is wanting December completion (was advertised as such, priced well and they gave me everything during negotiations)

Today my solicitor said that we will probably exchange and complete simultaneously.

I'm thinking about giving notice at the end of the month regardless of exchange, which I know is a risk.

What would you do?

G_M

OmegaAlpha wrote: »

Hi, we are buying a new build which has a fixed completion of 20th December, really?however we don't have an exchange date yet. So no fixed Completion date then. My Solicitor and the developer are confident that we will complete on the 20th,Ah! 'Confident'. That is not the same as 'fixed'! but as we are in rented I wanted exchange this month to hand in notice.
Makes sense.

The new house was at first fix about two weeks ago No - not 'fixed'. and the developer is coming up to year end so is wanting 'wanting' is not 'fixed'! December completion (was advertised as such, priced well and they gave me everything during negotiations)

Today my solicitor said that we will probably exchange and complete simultaneously. OK. At some as yet uncertain date in the future.

I'm thinking about giving notice at the end of the month regardless of exchange, which I know is a risk.

Depends on you.Yes, it's a risk.

Bear in mind if you serve notice but then fail to leave your landlord can charge you double rent....

OmegaAlpha

(The first fix part was in regard to roof, windows and doors completed)

Yes understood we would need to vacate on the 31st, a premier inn nearby would cost half of the rent for 7 days and there is potential for us to stay with family but that wouldn't be practical for more than a few days to a week.

G_M

OmegaAlpha wrote: »

(The first fix part was in regard to roof, windows and doors completed)

?? What you said was "a fixed completion of 20th December".

Slithery

OmegaAlpha wrote: »

Yes understood we would need to vacate on the 31st, a premier inn nearby would cost half of the rent for 7 days and there is potential for us to stay with family but that wouldn't be practical for more than a few days to a week.

And what is your plan if you can't complete for another 3 months?

alex_163163

I personally would wait and stuck up the cost of paying rent and mortgage for a months overlap. Too risky and stressful any other way in my opinion.
You should really have budgeted for a months overlap in your financial planning.

The house might be finished in terms of building by 20th Dec, but the delays could come from not getting council building control sign off by then. It is very close To Christmas.

GDB2222

Was the solicitor recommended by the builder? The suggestion of simultaneous exchange and completion suits the builder wonderfully, but it puts you in a dreadful position, as you cannot sensibly give notice to your landlord until after exchange.

lookstraightahead

You need an overlap. Why would you risk it any other way?

AdrianC

Have you actually had a conversation with your landlord? He may well be perfectly understanding, and willing to be flexible.

GDB2222

AdrianC wrote: »

Have you actually had a conversation with your landlord? He may well be perfectly understanding, and willing to be flexible.

I’m an understanding and flexible landlord. However, there are limits. If a tenant contacted me five days before Christmas to say they’d just done a simultaneous exchange and completion, and they were moving out straight away without notice, I’d be checking the lease to see how much they owed me.

AdrianC

GDB2222 wrote: »

I’m an understanding and flexible landlord. However, there are limits. If a tenant contacted me five days before Christmas to say they’d just done a simultaneous exchange and completion, and they were moving out straight away without notice, I’d be checking the lease to see how much they owed me.

Indeed.

But if they'd contacted you in November to say "Look, I'm going to be handing my notice in, because I'm buying a newbuild - you know what they're like on sign-off and completion dates, especially at this time of year..." you'd be happy to be flexible, wouldn't you?