How to negotiate a delayed move in date?

JPAHARVEY

Hello, 
Just a disclaimer that i'm clueless with all things house buying. But my girlfriend and I have been saving up since leaving University and we're finally in a place to buy somewhere of our own. We have a found a new build duplex apartment that is absolutely perfect for us. Problem is it's due to complete in May with move in early June. Our current rental contract ends in September and we really can't afford to pay both rent and a new mortgage as well as moving costs and solicitors fees all in May/June. The sales manager has told me "not to worry as these projects are often delayed" but that really doesn't reassure me. 

Are developers often lenient and understanding with asking to move in at a slightly later date? we're only asking for a couple of months after all. We're even happy to pay the full asking price if we get a slight delay, but as i initally said, i don't really have a clue if it's acceptable to ask this before we reserve the property. 

Thanks in advance.

diego_94

No they aren’t that lenient. Unfortunately you have signed a contract with the LL to rent a place until September so can’t just leave. 

Also the developers could threaten to pull out of the sale if you don’t exchange and complete when the house is ready; they will want their money.
I’d just keep quiet, don’t do any chasing of stuff and hope the completion date gets pushed back.
Whatever you do don’t exchange until a completion date is agreed with the developers, and don’t give your rental notice until you have a completion date

Thrugelmir

JPAHARVEY said:

we're only asking for a couple of months after all. 

Developer might as well sell the property to someone else who is proceedable. 

Angela_D_3

Talk to the landlord about a payment plan.  Leave as planned to buy the appartment and explain to the landlord they are free to rerent the property and you will pay the three months rent at a rate of £100 per month until the balance is cleared.  

pbartlett

Have you asked the landlord if they are willing to try and find a new tenant early and release you from the contract early? Contrary to opinion, there are some nice landlords around! What is the demand for rental properties in your area?

JPAHARVEY

Thanks for the replies all. 
Good idea talking to the landlord, we rented through an estate agent and have never actually met the landlord so they could be helpful I hope! Years of renting has left me to rather sceptical of landlords moral fibre so I never even thought to ask.
Demand for rental properties is really high here, Jewellery Quarter Birmingham. If not the payment plan said by Angela sounds like a good secondry option as we don't have a problem with cash incoming each month, more so just our own savings after paying for deposit and solicitors etc. 

Irishpearce26

Check your contract for any detail about leaving early or if you are ok in finding a new tenant. I doubt your EA will be happy if you go to the LL direct which could breach their terms they have with you so again check your contract. Usually with new builds the developer will want you to exchange asap and give you a completion on notice. This means they will give you a completion date that is between 14 days to 3 months etc unless you request a long stop date that they agree to i.e. 1st September however they developer can give you a much earlier date if the house is ready and they would expect you to complete. 

I would also be weary about a payment plan as that will likely affect your affordability with your mortgage lender and could either mean your mortgage is declined or push you into a higher LTV bracket. I would try and find a way out of the agreement or look for a new property that fits your timelines.

greatcrested

Is there  a Break Clause in your tenancy agreement? If so, what is the exact wording?

Or as suggested, ask your LL to accept an Early Surrender. He does not have to agree, and may impose conditions for his agreement eg you pay his re-marketing costs and/or align the Early Surrender date with the start date of a replacement tenancy.

Post 4: Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?