Right to give 4 weeks notice

Emzlyz

Waunakee said:

You said originally they want to complete next week but now are saying it’s to exchange next week.This is very confusing please clarify what they want to happen.

2 very different things.


What estimate were you given for this build to be completed? Many new build are slipping by months due to materials shortages within the industry.


Hope you manage to get it sorted though!

They want to exchange and complete next week. 

We were never given any estimate. I asked the estate agent in July they said the seller was planning to move in with family. I have had a call from the estate agent tonight and apparently it's also because one of the vendors wants to complete before the school holidays end due to work. 

We have discussed a compromise. Will see what happens 

Emzlyz

Emzlyz said:

All my savings are going into the deposit/solicitors fee/moving costs. My partner has plenty of savings left over if we need anything. 
..
I'd just rather not waste money running 2 properties for 6 weeks if we don't need to ..

If partner has the money ie its not a cash flow problem, then in terms of overall spending, it may not make much difference. If you have to keep the rental anyway until 6th Oct say, then whether you complete now or in a month, the difference is 
* mortgage - no diff whether you start now or 1 month later, the total paid over the term is the same
* council tax - check if either local authority for your rental or purchase has a discount for empty homes, then move into the other one. Some areas still have 0% CT for a limited period (eg 1 month) if its unfurnished etc.
* gas & elec - only standing charges in the one you're not living in, as there'll be no usage.
* broadband & phone & TV licence - you can keep this in one property only

Yes there's no difference to overall cost of the mortgage, however the overlap of paying rent and a mortgage of 6 weeks isn't that cheap. 

I naively didn't plan for such a long overlap. I was hoping for 2 weeks so we're talking about a difference of basically a full months rent. 

It is what it is. We have offered a compromise to the seller and awaiting a response from our landlord about notice. 

I am more annoyed that they have sprung this on us and it's not the first thing they have sprung on us without prior discussion either. 

I was just curious to see if there was a way around the tenancy agreement. But it seems my options are accept that we will pay for 2 properties for 6 weeks or offer an alternative date that works better for us but risk losing the property. We will wait and see what our landlord says and if our sellers accept our compromise 

getmore4less

Sometimes you have to play dumb and play for time,  when they sprung this on you you just reply not sure will have to check, don't think everything is lines up(it's not you can't give notice till exchanged and you want X weeks to complete).

You could also throw the move in with family back at them as they messed up the timing if they are committed to the purchase 

You hold all the cards, if ready to move and they cough up for the extra rent would that be enough incentive to try a bit harder?.