Time between exchange and completion

AAZ

We placed an offer on property and was accepted and at the time we were told by seller that they will be able to hand over the property by end of October once legal work is complete. Now they have come back and said due to some personal reason they are unable to complete now, they are happy to exchange the contract this week but will complete at the end of January. This leaves us in quite tight spot as my tenancy was due to expire on 11th January, we can negotiate with our current landlord but is it advisable to exchange contract with 2 months gap or should I just say will exchange contract a week prior. When I sold my house my exchange of contract and completion happened on the same day.
Will I be taking too much of risk if I exchange early ? ( Just worried as bank can withdraw morgage offer , although our application was simple but just thinking if inflation hit high and they don't want to lend , or I am thinking too much)

canaldumidi

Your tenancy is not an issue. When the current fixed term ends, simply move to a periodic (rolling) tenancy. It's automatic. No agreement needed. If the landlord decides to evict you it will (currently) take around 6 - 12 months.

If you want the certaity of buying this house, sooner you Exchange, sooner you get certainty. Longer you leave Exchage, more chance the buyer changes their mind, finds another buyer whatever.

Assuming you can personally wait till Jan, the biggest issue is whether your mortgage offer (if any) will expire before then? If not, then the product you've applied for, and the rate of that product, will stay the same.

Now read:

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?

AAZ

canaldumidi said:

Your tenancy is not an issue. When the current fixed term ends, simply move to a periodic (rolling) tenancy. It's automatic. No agreement needed. If the landlord decides to evict you it will (currently) take around 6 - 12 months.

If you want the certaity of buying this house, sooner you Exchange, sooner you get certainty. Longer you leave Exchage, more chance the buyer changes their mind, finds another buyer whatever.

Assuming you can personally wait till Jan, the biggest issue is whether your mortgage offer (if any) will expire before then? If not, then the product you've applied for, and the rate of that product, will stay the same.

Now read:

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?

Many thanks , morgage offer end on 31st march 2022 so it is within the date of completion.
The estate agent initially offered a year extension but when we informed that we will leaving at the end of fixed term, they served us notice section 21 notice which we accepted, but will contact the estate agent again tomorrow morning 

canaldumidi

AAZ said:

canaldumidi said:

Your tenancy is not an issue. When the current fixed term ends, simply move to a periodic (rolling) tenancy. It's automatic. No agreement needed. If the landlord decides to evict you it will (currently) take around 6 - 12 months.

If you want the certaity of buying this house, sooner you Exchange, sooner you get certainty. Longer you leave Exchage, more chance the buyer changes their mind, finds another buyer whatever.

Assuming you can personally wait till Jan, the biggest issue is whether your mortgage offer (if any) will expire before then? If not, then the product you've applied for, and the rate of that product, will stay the same.

Now read:

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?

...
The estate agent initially offered a year extension but when we informed that we will leaving at the end of fixed term, they served us notice section 21 notice which we accepted, but will contact the estate agent again tomorrow morning 

You served notice expiring at the end of the fixed term? That could present a problem if it was formal notice.

Failure to leave after serving proper notice can leave you open to double rent. If it was an informal heads up, or couched as 'probably' or 'hope to be buying' or something else ambiguous or uncertain, that that's not proper notice.

Read Post 4 carefully as well as the Distress For Rent Act 1737 S18

Assuming the S21 was valid (see S21 checklist), I assume it expires on or after 11th January 2022. Thereafter, the landlord would have to apply to a court to end the tenancy, which could take another 4-12 months, so Completing at end of Jan is not an issue.

AAZ

canaldumidi said:

AAZ said:

canaldumidi said:

Your tenancy is not an issue. When the current fixed term ends, simply move to a periodic (rolling) tenancy. It's automatic. No agreement needed. If the landlord decides to evict you it will (currently) take around 6 - 12 months.

If you want the certaity of buying this house, sooner you Exchange, sooner you get certainty. Longer you leave Exchage, more chance the buyer changes their mind, finds another buyer whatever.

Assuming you can personally wait till Jan, the biggest issue is whether your mortgage offer (if any) will expire before then? If not, then the product you've applied for, and the rate of that product, will stay the same.

Now read:

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?

...
The estate agent initially offered a year extension but when we informed that we will leaving at the end of fixed term, they served us notice section 21 notice which we accepted, but will contact the estate agent again tomorrow morning 

You served notice expiring at the end of the fixed term? That could present a problem if it was formal notice.

Failure to leave after serving proper notice can leave you open to double rent. If it was an informal heads up, or couched as 'probably' or 'hope to be buying' or something else ambiguous or uncertain, that that's not proper notice.

Read Post 4 carefully as well as the Distress For Rent Act 1737 S18

Assuming the S21 was valid (see S21 checklist), I assume it expires on or after 11th January 2022. Thereafter, the landlord would have to apply to a court to end the tenancy, which could take another 4-12 months, so Completing at end of Jan is not an issue.

Thanks for advice, I did accept the notice by replying by mail, however I have been a good tenant and had no issue with landlord so will speak to them tomorrow to see what they say, bit foolish on my part to accept the notice before exchanging the contract

MaryNB

AAZ said:

canaldumidi said:

AAZ said:

canaldumidi said:

Your tenancy is not an issue. When the current fixed term ends, simply move to a periodic (rolling) tenancy. It's automatic. No agreement needed. If the landlord decides to evict you it will (currently) take around 6 - 12 months.

If you want the certaity of buying this house, sooner you Exchange, sooner you get certainty. Longer you leave Exchage, more chance the buyer changes their mind, finds another buyer whatever.

Assuming you can personally wait till Jan, the biggest issue is whether your mortgage offer (if any) will expire before then? If not, then the product you've applied for, and the rate of that product, will stay the same.

Now read:

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?

...
The estate agent initially offered a year extension but when we informed that we will leaving at the end of fixed term, they served us notice section 21 notice which we accepted, but will contact the estate agent again tomorrow morning 

You served notice expiring at the end of the fixed term? That could present a problem if it was formal notice.

Failure to leave after serving proper notice can leave you open to double rent. If it was an informal heads up, or couched as 'probably' or 'hope to be buying' or something else ambiguous or uncertain, that that's not proper notice.

Read Post 4 carefully as well as the Distress For Rent Act 1737 S18

Assuming the S21 was valid (see S21 checklist), I assume it expires on or after 11th January 2022. Thereafter, the landlord would have to apply to a court to end the tenancy, which could take another 4-12 months, so Completing at end of Jan is not an issue.

Thanks for advice, I did accept the notice by replying by mail, however I have been a good tenant and had no issue with landlord so will speak to them tomorrow to see what they say, bit foolish on my part to accept the notice before exchanging the contract

Did you reply by saying something like "we've received the notice" or did you reply saying "we agree to move out on that date"?

canaldumidi

AAZ said:

canaldumidi said:

AAZ said:

canaldumidi said:

Your tenancy is not an issue. When the current fixed term ends, simply move to a periodic (rolling) tenancy. It's automatic. No agreement needed. If the landlord decides to evict you it will (currently) take around 6 - 12 months.

If you want the certaity of buying this house, sooner you Exchange, sooner you get certainty. Longer you leave Exchage, more chance the buyer changes their mind, finds another buyer whatever.

Assuming you can personally wait till Jan, the biggest issue is whether your mortgage offer (if any) will expire before then? If not, then the product you've applied for, and the rate of that product, will stay the same.

Now read:

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?

...
The estate agent initially offered a year extension but when we informed that we will leaving at the end of fixed term, they served us notice section 21 notice which we accepted, but will contact the estate agent again tomorrow morning 

You served notice expiring at the end of the fixed term? That could present a problem if it was formal notice.

Failure to leave after serving proper notice can leave you open to double rent. If it was an informal heads up, or couched as 'probably' or 'hope to be buying' or something else ambiguous or uncertain, that that's not proper notice.

Read Post 4 carefully as well as the Distress For Rent Act 1737 S18

Assuming the S21 was valid (see S21 checklist), I assume it expires on or after 11th January 2022. Thereafter, the landlord would have to apply to a court to end the tenancy, which could take another 4-12 months, so Completing at end of Jan is not an issue.

Thanks for advice, I did accept the notice by replying by mail, however I have been a good tenant and had no issue with landlord so will speak to them tomorrow to see what they say, bit foolish on my part to accept the notice before exchanging the contract

It's not about the S21 Notice they served you. You don't have to accent or refuse it. If it's valid (see my link to check), it's valid: 'accepted' or not.

It's about the notice you served them:

The estate agent initially offered a year extension but when we informed that we will leaving at the end of fixed term,.....

AAZ

canaldumidi said:

AAZ said:

canaldumidi said:

AAZ said:

canaldumidi said:

Your tenancy is not an issue. When the current fixed term ends, simply move to a periodic (rolling) tenancy. It's automatic. No agreement needed. If the landlord decides to evict you it will (currently) take around 6 - 12 months.

If you want the certaity of buying this house, sooner you Exchange, sooner you get certainty. Longer you leave Exchage, more chance the buyer changes their mind, finds another buyer whatever.

Assuming you can personally wait till Jan, the biggest issue is whether your mortgage offer (if any) will expire before then? If not, then the product you've applied for, and the rate of that product, will stay the same.

Now read:

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?

...
The estate agent initially offered a year extension but when we informed that we will leaving at the end of fixed term, they served us notice section 21 notice which we accepted, but will contact the estate agent again tomorrow morning 

You served notice expiring at the end of the fixed term? That could present a problem if it was formal notice.

Failure to leave after serving proper notice can leave you open to double rent. If it was an informal heads up, or couched as 'probably' or 'hope to be buying' or something else ambiguous or uncertain, that that's not proper notice.

Read Post 4 carefully as well as the Distress For Rent Act 1737 S18

Assuming the S21 was valid (see S21 checklist), I assume it expires on or after 11th January 2022. Thereafter, the landlord would have to apply to a court to end the tenancy, which could take another 4-12 months, so Completing at end of Jan is not an issue.

Thanks for advice, I did accept the notice by replying by mail, however I have been a good tenant and had no issue with landlord so will speak to them tomorrow to see what they say, bit foolish on my part to accept the notice before exchanging the contract

It's not about the S21 Notice they served you. You don't have to accent or refuse it. If it's valid (see my link to check), it's valid: 'accepted' or not.

It's about the notice you served them:

The estate agent initially offered a year extension but when we informed that we will leaving at the end of fixed term,.....

Thanks for advice, luckily the landlord are happy to extend, saved a lot of hassle