First time buyer-Rent + Mortgage

diljayakody1805

I am a first time buyer. End of this month we are due to complete the transcation and completion. I am living in rented accommodation. My tennancy agreement is ending in July. Is it possible to delay the first mortgage payment till July. Because I am having some difficulty with my agency to move out from the rented accomodation.  I very much appreciated any advice about this. Thank you

MovingForwards

No you can't delay the first mortgage payment, you can delay exchange and completion.

Agency can't stop you moving out early, you will still be liable for the rent, utilities and council tax until the end of your tenancy.

diljayakody1805

what if I notify my move out to council and other utility services

diljayakody1805

what if I notify my move out to council and other utility services,will I still liable?. Only I am liable for rent right?

AdrianC

diljayakody1805 said:

what if I notify my move out to council and other utility services,will I still liable?. Only I am liable for rent right?

No, you're liable for utilities and council tax for the duration of your tenancy, and you're liable for that tenancy for the duration of the last tenancy contract you signed...

Same as you're liable for repaying the money you've borrowed according to the terms of the mortgage.

I presume your fixed period expires in July - and that was a 12mo contract signed last July? So this is hardly a surprise to you. You've known about it since... July, when you chose to renew a 12mo fixed period rather than simply go periodic.

When did you start your search for a property to buy, and when did you have your offer accepted?

MaryNB

Have you offered to find a suitable replacement tenant? They might be willing to end your tenancy early if you do some of the work for them.

BigD74

Remember that rent is typically paid in advance, while mortgage payment is paid in arrears. This may give you the month “delay” you are looking for. 

For us, last rent payment was on 29/1, we got keys for our house on 19/2, but first mortgage payment wasn’t due until 01/04. First mortgage payment was of course slightly higher because of this, but only to cover the period between 19 - 28 Feb. 

MovingForwards

diljayakody1805 said:

what if I notify my move out to council and other utility services

You are liable to pay council tax and utilities until the tenancy ends.

I submitted my notice when exchange (missives) took place, completion was the next day 1st of the month. I had my mortgage direct debit set up for the 1st of each month and it started the month after I moved in. I was liable for the rent (paid in advance as others have said), CT and utilities until my tenancy ended. Difference was I only had a 28 day notice period and therefore the rent was paid as normal when I got paid and that was it. I also had the best part of a month to empty my old rental and fill my home

Irishpearce26

Unfortunately unless you can come to an agreement with your LL you will be liable for rent and all utilities. Also factor in your initial interest which begins when the lender sends the money to your solicitor to your first payment. Ours was £600!

diljayakody1805

AdrianC said:

diljayakody1805 said:

what if I notify my move out to council and other utility services,will I still liable?. Only I am liable for rent right?

No, you're liable for utilities and council tax for the duration of your tenancy, and you're liable for that tenancy for the duration of the last tenancy contract you signed...

Same as you're liable for repaying the money you've borrowed according to the terms of the mortgage.

I presume your fixed period expires in July - and that was a 12mo contract signed last July? So this is hardly a surprise to you. You've known about it since... July, when you chose to renew a 12mo fixed period rather than simply go periodic.

When did you start your search for a property to buy, and when did you have your offer accepted?

Thank you for the reply. We started to search property in January. Our offer accepted in February. 

diljayakody1805

BigD74 said:

Remember that rent is typically paid in advance, while mortgage payment is paid in arrears. This may give you the month “delay” you are looking for. 

For us, last rent payment was on 29/1, we got keys for our house on 19/2, but first mortgage payment wasn’t due until 01/04. First mortgage payment was of course slightly higher because of this, but only to cover the period between 19 - 28 Feb. 

Thank you for the reply. How about the utility services for the house. Whether it is possible to start when we move in July to the house