Fixed Term Tenancy End

nekr0mantik

canaldumidi said:

I think 'haha' (like 'LOL' etc) is added as a reflex action these days. Usually meaningless. If something genuinely funny is written it shouldn't need to be pointed out!

very true plus I seem to type like I text on forums so it gets set into mindset which aint good either.

Slithery

I always thought it sounded like the first steps of a descent into madness.....

saajan_12

Slithery said:

nekr0mantik said:

Only issue becomes is I would most likely need to pay rent for the whole month if I only stay for 1 week for example.

Possibly up to 2 months. Your notice needs to align with the end date of your tenancy.

For example if your tenancy runs from the 1st to the 31st of each month but you give notice on the 3rd of January you would need to pay rent until the end of March. You should have already allowed for this when doing the budget for your purchase.

No, notice on 3rd of Jan would expire last day of Feb in your example. That way, the notice spans one full period, ie 1st -> 28th Feb. 1st March is the start of the 3rd period. 

nekr0mantik said:

Slithery said:

nekr0mantik said:

Only issue becomes is I would most likely need to pay rent for the whole month if I only stay for 1 week for example.

Possibly up to 2 months. Your notice needs to align with the end date of your tenancy.

For example if your tenancy runs from the 1st to the 31st of each month but you give notice on the 3rd of January you would need to pay rent until the end of March. You should have already allowed for this when doing the budget for your purchase.

I think its only 1 month when it comes rolling as I read that it depends on when you pay rent and currently I pay rent 2nd week of every month so if it becomes rolling tenancy in December then it would become a monthly rolling tenancy. So I would owe for that whole month. This is very unlikely anyway as my purchase started end of July and its a no chain purchase so dont think it will take until December to complete. If I not exchanged by end of this month I may just back out as there is something wrong if it should been simple purchase as in no complicated scenarios and no chains so should not take 2 months to exchange. If I exchange in time then I can hand in my 30 days notice prior to fixed term ending as there is a break clause. That will be best case as no extra rent. Could get complicated if I need to stay extra week or 2 in case of no movers free or completion delays.

No, you need to be much more precise than '1 month when it comes to rolling'
Note its your tenancy period dates that count, not necessarily the same as when you pay rent. However you say 2nd week so lets say your periods start 10th and end 9th of the next month. 
-> If you exchange 5th December, you can serve notice expiry 9th Jan (and pay for that month Dec-Jan)
-> If you exchange 15th December, you would serve notice expiry 9th Feb (and pay for both months Dec-Jan and Jan-Feb). 

Bit of an odd reaction to pull out, 2 months is perfectly normal, however straightforward it is, and delays happen for various reasons not necessarily an indication of 'something wrong'. You'd be spiting yourself, as you'd just start again, pay more rent, more fees etc. 

nekr0mantik

saajan_12 said:

Slithery said:

nekr0mantik said:

Only issue becomes is I would most likely need to pay rent for the whole month if I only stay for 1 week for example.

Possibly up to 2 months. Your notice needs to align with the end date of your tenancy.

For example if your tenancy runs from the 1st to the 31st of each month but you give notice on the 3rd of January you would need to pay rent until the end of March. You should have already allowed for this when doing the budget for your purchase.

No, notice on 3rd of Jan would expire last day of Feb in your example. That way, the notice spans one full period, ie 1st -> 28th Feb. 1st March is the start of the 3rd period. 

nekr0mantik said:

Slithery said:

nekr0mantik said:

Only issue becomes is I would most likely need to pay rent for the whole month if I only stay for 1 week for example.

Possibly up to 2 months. Your notice needs to align with the end date of your tenancy.

For example if your tenancy runs from the 1st to the 31st of each month but you give notice on the 3rd of January you would need to pay rent until the end of March. You should have already allowed for this when doing the budget for your purchase.

I think its only 1 month when it comes rolling as I read that it depends on when you pay rent and currently I pay rent 2nd week of every month so if it becomes rolling tenancy in December then it would become a monthly rolling tenancy. So I would owe for that whole month. This is very unlikely anyway as my purchase started end of July and its a no chain purchase so dont think it will take until December to complete. If I not exchanged by end of this month I may just back out as there is something wrong if it should been simple purchase as in no complicated scenarios and no chains so should not take 2 months to exchange. If I exchange in time then I can hand in my 30 days notice prior to fixed term ending as there is a break clause. That will be best case as no extra rent. Could get complicated if I need to stay extra week or 2 in case of no movers free or completion delays.

No, you need to be much more precise than '1 month when it comes to rolling'
Note its your tenancy period dates that count, not necessarily the same as when you pay rent. However you say 2nd week so lets say your periods start 10th and end 9th of the next month. 
-> If you exchange 5th December, you can serve notice expiry 9th Jan (and pay for that month Dec-Jan)
-> If you exchange 15th December, you would serve notice expiry 9th Feb (and pay for both months Dec-Jan and Jan-Feb). 

Bit of an odd reaction to pull out, 2 months is perfectly normal, however straightforward it is, and delays happen for various reasons not necessarily an indication of 'something wrong'. You'd be spiting yourself, as you'd just start again, pay more rent, more fees etc. 

Well my purchase fell through anyway. Due to 100k down valuation. No one will reduce price by 100k lol

First time buyer and this happens and wasted £800 on solicitors and £200 on valuation when it was clear the valuer did not know what he was doing. What kind of "wear and tear" does a 12 month old flat thats never been lived in have that would mean you need to pay 100k to fix! Rant over. 

MaryNB

nekr0mantik said:

saajan_12 said:

Slithery said:

nekr0mantik said:

Only issue becomes is I would most likely need to pay rent for the whole month if I only stay for 1 week for example.

Possibly up to 2 months. Your notice needs to align with the end date of your tenancy.

For example if your tenancy runs from the 1st to the 31st of each month but you give notice on the 3rd of January you would need to pay rent until the end of March. You should have already allowed for this when doing the budget for your purchase.

No, notice on 3rd of Jan would expire last day of Feb in your example. That way, the notice spans one full period, ie 1st -> 28th Feb. 1st March is the start of the 3rd period. 

nekr0mantik said:

Slithery said:

nekr0mantik said:

Only issue becomes is I would most likely need to pay rent for the whole month if I only stay for 1 week for example.

Possibly up to 2 months. Your notice needs to align with the end date of your tenancy.

For example if your tenancy runs from the 1st to the 31st of each month but you give notice on the 3rd of January you would need to pay rent until the end of March. You should have already allowed for this when doing the budget for your purchase.

I think its only 1 month when it comes rolling as I read that it depends on when you pay rent and currently I pay rent 2nd week of every month so if it becomes rolling tenancy in December then it would become a monthly rolling tenancy. So I would owe for that whole month. This is very unlikely anyway as my purchase started end of July and its a no chain purchase so dont think it will take until December to complete. If I not exchanged by end of this month I may just back out as there is something wrong if it should been simple purchase as in no complicated scenarios and no chains so should not take 2 months to exchange. If I exchange in time then I can hand in my 30 days notice prior to fixed term ending as there is a break clause. That will be best case as no extra rent. Could get complicated if I need to stay extra week or 2 in case of no movers free or completion delays.

No, you need to be much more precise than '1 month when it comes to rolling'
Note its your tenancy period dates that count, not necessarily the same as when you pay rent. However you say 2nd week so lets say your periods start 10th and end 9th of the next month. 
-> If you exchange 5th December, you can serve notice expiry 9th Jan (and pay for that month Dec-Jan)
-> If you exchange 15th December, you would serve notice expiry 9th Feb (and pay for both months Dec-Jan and Jan-Feb). 

Bit of an odd reaction to pull out, 2 months is perfectly normal, however straightforward it is, and delays happen for various reasons not necessarily an indication of 'something wrong'. You'd be spiting yourself, as you'd just start again, pay more rent, more fees etc. 

Well my purchase fell through anyway. Due to 100k down valuation. No one will reduce price by 100k lol

First time buyer and this happens and wasted £800 on solicitors and £200 on valuation when it was clear the valuer did not know what he was doing. What kind of "wear and tear" does a 12 month old flat thats never been lived in have that would mean you need to pay 100k to fix! Rant over. 

That's a significant downvaluation! Is that on the £500k canary wharf flat you mention in another thread?

A downvaluation doesnt mean it needs £100k worth of work doing to it to bring it up to what you offered. It means that the bank thinks the price is inflated and they're worried if you default on the loan they won't be able to resell it for a high enough price to cover what they lent you. They think you are paying far too much. I doubt there's any amount of work you can do to a flat that will add anywhere close to £100k to the valuation. If it took a year to sell it obviously wasn't in high demand to begin with, how much did they reduce it by over the year do you know?

New builds generally lose value the first few years because you pay a premium for it being brand new. Also I don't think central london flats are selling very well at the moment compared to the market in general which is booming. The city is full of empty luxury apartments that aren't selling (although I'm not sure £500k in central london buys you luxury...).

nekr0mantik

MaryNB said:

nekr0mantik said:

saajan_12 said:

Slithery said:

nekr0mantik said:

Only issue becomes is I would most likely need to pay rent for the whole month if I only stay for 1 week for example.

Possibly up to 2 months. Your notice needs to align with the end date of your tenancy.

For example if your tenancy runs from the 1st to the 31st of each month but you give notice on the 3rd of January you would need to pay rent until the end of March. You should have already allowed for this when doing the budget for your purchase.

No, notice on 3rd of Jan would expire last day of Feb in your example. That way, the notice spans one full period, ie 1st -> 28th Feb. 1st March is the start of the 3rd period. 

nekr0mantik said:

Slithery said:

nekr0mantik said:

Only issue becomes is I would most likely need to pay rent for the whole month if I only stay for 1 week for example.

Possibly up to 2 months. Your notice needs to align with the end date of your tenancy.

For example if your tenancy runs from the 1st to the 31st of each month but you give notice on the 3rd of January you would need to pay rent until the end of March. You should have already allowed for this when doing the budget for your purchase.

I think its only 1 month when it comes rolling as I read that it depends on when you pay rent and currently I pay rent 2nd week of every month so if it becomes rolling tenancy in December then it would become a monthly rolling tenancy. So I would owe for that whole month. This is very unlikely anyway as my purchase started end of July and its a no chain purchase so dont think it will take until December to complete. If I not exchanged by end of this month I may just back out as there is something wrong if it should been simple purchase as in no complicated scenarios and no chains so should not take 2 months to exchange. If I exchange in time then I can hand in my 30 days notice prior to fixed term ending as there is a break clause. That will be best case as no extra rent. Could get complicated if I need to stay extra week or 2 in case of no movers free or completion delays.

No, you need to be much more precise than '1 month when it comes to rolling'
Note its your tenancy period dates that count, not necessarily the same as when you pay rent. However you say 2nd week so lets say your periods start 10th and end 9th of the next month. 
-> If you exchange 5th December, you can serve notice expiry 9th Jan (and pay for that month Dec-Jan)
-> If you exchange 15th December, you would serve notice expiry 9th Feb (and pay for both months Dec-Jan and Jan-Feb). 

Bit of an odd reaction to pull out, 2 months is perfectly normal, however straightforward it is, and delays happen for various reasons not necessarily an indication of 'something wrong'. You'd be spiting yourself, as you'd just start again, pay more rent, more fees etc. 

Well my purchase fell through anyway. Due to 100k down valuation. No one will reduce price by 100k lol

First time buyer and this happens and wasted £800 on solicitors and £200 on valuation when it was clear the valuer did not know what he was doing. What kind of "wear and tear" does a 12 month old flat thats never been lived in have that would mean you need to pay 100k to fix! Rant over. 

That's a significant downvaluation! Is that on the £500k canary wharf flat you mention in another thread?

A downvaluation doesnt mean it needs £100k worth of work doing to it to bring it up to what you offered. It means that the bank thinks the price is inflated and they're worried if you default on the loan they won't be able to resell it for a high enough price to cover what they lent you. They think you are paying far too much. I doubt there's any amount of work you can do to a flat that will add anywhere close to £100k to the valuation. If it took a year to sell it obviously wasn't in high demand to begin with, how much did they reduce it by over the year do you know?

New builds generally lose value the first few years because you pay a premium for it being brand new. Also I don't think central london flats are selling very well at the moment compared to the market in general which is booming. The city is full of empty luxury apartments that aren't selling (although I'm not sure £500k in central london buys you luxury...).

It was £640k asking price.
It did not take a year to sell, it was completed a year ago and it was off market when I viewed it as the vendor was debating to sell or to rent. I was first to view and put offer in. Now he renting it as they do not want to reduce it by more then 10k. 

Now I know the valuation was not correct as the developer themselves said ESurv have down valued 90% of the flats in that and the other building there. And customers have had to change banks to get different valuers and they then sold fine. There is only 5 flats left there and I only seen 4 for sale since I started looking in April. This was the cheapest! Next door building on 2nd floor a 1 bed costs £750k and they actually sold at that price last year. 

Give you idea on the flat this is similar one https://www.youtube.com/watch?v=mK6_15hUeMg

MaryNB

nekr0mantik said:

MaryNB said:

nekr0mantik said:

saajan_12 said:

Slithery said:

nekr0mantik said:

Only issue becomes is I would most likely need to pay rent for the whole month if I only stay for 1 week for example.

Possibly up to 2 months. Your notice needs to align with the end date of your tenancy.

For example if your tenancy runs from the 1st to the 31st of each month but you give notice on the 3rd of January you would need to pay rent until the end of March. You should have already allowed for this when doing the budget for your purchase.

No, notice on 3rd of Jan would expire last day of Feb in your example. That way, the notice spans one full period, ie 1st -> 28th Feb. 1st March is the start of the 3rd period. 

nekr0mantik said:

Slithery said:

nekr0mantik said:

Only issue becomes is I would most likely need to pay rent for the whole month if I only stay for 1 week for example.

Possibly up to 2 months. Your notice needs to align with the end date of your tenancy.

For example if your tenancy runs from the 1st to the 31st of each month but you give notice on the 3rd of January you would need to pay rent until the end of March. You should have already allowed for this when doing the budget for your purchase.

I think its only 1 month when it comes rolling as I read that it depends on when you pay rent and currently I pay rent 2nd week of every month so if it becomes rolling tenancy in December then it would become a monthly rolling tenancy. So I would owe for that whole month. This is very unlikely anyway as my purchase started end of July and its a no chain purchase so dont think it will take until December to complete. If I not exchanged by end of this month I may just back out as there is something wrong if it should been simple purchase as in no complicated scenarios and no chains so should not take 2 months to exchange. If I exchange in time then I can hand in my 30 days notice prior to fixed term ending as there is a break clause. That will be best case as no extra rent. Could get complicated if I need to stay extra week or 2 in case of no movers free or completion delays.

No, you need to be much more precise than '1 month when it comes to rolling'
Note its your tenancy period dates that count, not necessarily the same as when you pay rent. However you say 2nd week so lets say your periods start 10th and end 9th of the next month. 
-> If you exchange 5th December, you can serve notice expiry 9th Jan (and pay for that month Dec-Jan)
-> If you exchange 15th December, you would serve notice expiry 9th Feb (and pay for both months Dec-Jan and Jan-Feb). 

Bit of an odd reaction to pull out, 2 months is perfectly normal, however straightforward it is, and delays happen for various reasons not necessarily an indication of 'something wrong'. You'd be spiting yourself, as you'd just start again, pay more rent, more fees etc. 

Well my purchase fell through anyway. Due to 100k down valuation. No one will reduce price by 100k lol

First time buyer and this happens and wasted £800 on solicitors and £200 on valuation when it was clear the valuer did not know what he was doing. What kind of "wear and tear" does a 12 month old flat thats never been lived in have that would mean you need to pay 100k to fix! Rant over. 

That's a significant downvaluation! Is that on the £500k canary wharf flat you mention in another thread?

A downvaluation doesnt mean it needs £100k worth of work doing to it to bring it up to what you offered. It means that the bank thinks the price is inflated and they're worried if you default on the loan they won't be able to resell it for a high enough price to cover what they lent you. They think you are paying far too much. I doubt there's any amount of work you can do to a flat that will add anywhere close to £100k to the valuation. If it took a year to sell it obviously wasn't in high demand to begin with, how much did they reduce it by over the year do you know?

New builds generally lose value the first few years because you pay a premium for it being brand new. Also I don't think central london flats are selling very well at the moment compared to the market in general which is booming. The city is full of empty luxury apartments that aren't selling (although I'm not sure £500k in central london buys you luxury...).

It was £640k asking price.
It did not take a year to sell, it was completed a year ago and it was off market when I viewed it as the vendor was debating to sell or to rent. I was first to view and put offer in. Now he renting it as they do not want to reduce it by more then 10k. 

Now I know the valuation was not correct as the developer themselves said ESurv have down valued 90% of the flats in that and the other building there. And customers have had to change banks to get different valuers and they then sold fine. There is only 5 flats left there and I only seen 4 for sale since I started looking in April. This was the cheapest! Next door building on 2nd floor a 1 bed costs £750k and they actually sold at that price last year. 

Give you idea on the flat this is similar one https://www.youtube.com/watch?v=mK6_15hUeMg

It's not a case of the surveyor being right or wrong on the valuation unless there's been a big oversight on their part. It's their judgement call. It might not be what you agree with but they're looking after the bank's interest. You've now had two banks downvalue it, neither bank wants to take the risk. Esurv clearly thinks the whole block is overpriced. 

London flats have not been caught up in the boom like most of the market and luxury flats in particular haven't been selling well in recent years 

https://www.theguardian.com/business/2018/jan/26/ghost-towers-half-of-new-build-luxury-london-flats-fail-to-sell
If banks are nervous about the future sale potential of a property they often downvalue. 

nekr0mantik

MaryNB said:

nekr0mantik said:

MaryNB said:

nekr0mantik said:

saajan_12 said:

Slithery said:

nekr0mantik said:

Only issue becomes is I would most likely need to pay rent for the whole month if I only stay for 1 week for example.

Possibly up to 2 months. Your notice needs to align with the end date of your tenancy.

For example if your tenancy runs from the 1st to the 31st of each month but you give notice on the 3rd of January you would need to pay rent until the end of March. You should have already allowed for this when doing the budget for your purchase.

No, notice on 3rd of Jan would expire last day of Feb in your example. That way, the notice spans one full period, ie 1st -> 28th Feb. 1st March is the start of the 3rd period. 

nekr0mantik said:

Slithery said:

nekr0mantik said:

Only issue becomes is I would most likely need to pay rent for the whole month if I only stay for 1 week for example.

Possibly up to 2 months. Your notice needs to align with the end date of your tenancy.

For example if your tenancy runs from the 1st to the 31st of each month but you give notice on the 3rd of January you would need to pay rent until the end of March. You should have already allowed for this when doing the budget for your purchase.

I think its only 1 month when it comes rolling as I read that it depends on when you pay rent and currently I pay rent 2nd week of every month so if it becomes rolling tenancy in December then it would become a monthly rolling tenancy. So I would owe for that whole month. This is very unlikely anyway as my purchase started end of July and its a no chain purchase so dont think it will take until December to complete. If I not exchanged by end of this month I may just back out as there is something wrong if it should been simple purchase as in no complicated scenarios and no chains so should not take 2 months to exchange. If I exchange in time then I can hand in my 30 days notice prior to fixed term ending as there is a break clause. That will be best case as no extra rent. Could get complicated if I need to stay extra week or 2 in case of no movers free or completion delays.

No, you need to be much more precise than '1 month when it comes to rolling'
Note its your tenancy period dates that count, not necessarily the same as when you pay rent. However you say 2nd week so lets say your periods start 10th and end 9th of the next month. 
-> If you exchange 5th December, you can serve notice expiry 9th Jan (and pay for that month Dec-Jan)
-> If you exchange 15th December, you would serve notice expiry 9th Feb (and pay for both months Dec-Jan and Jan-Feb). 

Bit of an odd reaction to pull out, 2 months is perfectly normal, however straightforward it is, and delays happen for various reasons not necessarily an indication of 'something wrong'. You'd be spiting yourself, as you'd just start again, pay more rent, more fees etc. 

Well my purchase fell through anyway. Due to 100k down valuation. No one will reduce price by 100k lol

First time buyer and this happens and wasted £800 on solicitors and £200 on valuation when it was clear the valuer did not know what he was doing. What kind of "wear and tear" does a 12 month old flat thats never been lived in have that would mean you need to pay 100k to fix! Rant over. 

That's a significant downvaluation! Is that on the £500k canary wharf flat you mention in another thread?

A downvaluation doesnt mean it needs £100k worth of work doing to it to bring it up to what you offered. It means that the bank thinks the price is inflated and they're worried if you default on the loan they won't be able to resell it for a high enough price to cover what they lent you. They think you are paying far too much. I doubt there's any amount of work you can do to a flat that will add anywhere close to £100k to the valuation. If it took a year to sell it obviously wasn't in high demand to begin with, how much did they reduce it by over the year do you know?

New builds generally lose value the first few years because you pay a premium for it being brand new. Also I don't think central london flats are selling very well at the moment compared to the market in general which is booming. The city is full of empty luxury apartments that aren't selling (although I'm not sure £500k in central london buys you luxury...).

It was £640k asking price.
It did not take a year to sell, it was completed a year ago and it was off market when I viewed it as the vendor was debating to sell or to rent. I was first to view and put offer in. Now he renting it as they do not want to reduce it by more then 10k. 

Now I know the valuation was not correct as the developer themselves said ESurv have down valued 90% of the flats in that and the other building there. And customers have had to change banks to get different valuers and they then sold fine. There is only 5 flats left there and I only seen 4 for sale since I started looking in April. This was the cheapest! Next door building on 2nd floor a 1 bed costs £750k and they actually sold at that price last year. 

Give you idea on the flat this is similar one https://www.youtube.com/watch?v=mK6_15hUeMg

It's not a case of the surveyor being right or wrong on the valuation unless there's been a big oversight on their part. It's their judgement call. It might not be what you agree with but they're looking after the bank's interest. You've now had two banks downvalue it, neither bank wants to take the risk. Esurv clearly thinks the whole block is overpriced. 

London flats have not been caught up in the boom like most of the market and luxury flats in particular haven't been selling well in recent years 

https://www.theguardian.com/business/2018/jan/26/ghost-towers-half-of-new-build-luxury-london-flats-fail-to-sell
If banks are nervous about the future sale potential of a property they often downvalue. 

yeah I seen that article but thats not the case here. The development is full sold apart from 6 left From 345 apartments they got 6 left which were due to buyers either pulling out or falling through. The next door building has 10 left from 300 apartments. The other development near by is all sold out now.

while its true that flats not been selling as well due to pandemic, there are signs of london flats starting to sell more as recent data shows there been uptick of flats sold. 

also there are comparable in the area of last 6 months which are in line with the pricing for this one. so if the valuers did use correct comparison instead of something in Poplar for example which is next area right near the flat then of course sold prices wold be very low compared to wood wharf/canary wharf. also canary wharf itself is a big mixed bag in terms of pricing. you can get 5 year old flats for 1 bed that cost £500k due to cladding issues vs new build thats passed EW1S for 700k. Or older buildings which have no similar specs. so as a valuer you need to value based on market rate for the type of flat in the correct area.