When should I give notice for leaving a rental property when I've just had a mortgage approval

birdboy89

Not until exchange and consider not until completion (if not simultaneous). Remember although you'll have to pay both rent and a mortgage at the same time, if the house needs more extensive work, such as in our case replacing fencing and some rewiring followed by new carpets that you can't easily do yourselves, its a lot easier to do when you have free access to the house but haven't cluttered up with all your stuff. Ideally we would have done much more but lacked the cash at the time!

jimbog

Only when you've exchanged contracts (even though others have already said it, it's just so important not to before that point)


With that, set a completion date that suits with your rental notice period

tealady

I would have a few days overlap.
Imagine if you completed, arrived at the property with a van load of your stuff to find the previous owners still packing! Also gives you a chance to get in and clean before you move and you can move at your leisure.

eddddy

tealady said:

Imagine if you completed, arrived at the property with a van load of your stuff to find the previous owners still packing!

@Jkvism - as FTBs confused by the property buying process, I'd suggest you don't worry about the above possibility.

Sometimes people are a bit late moving out on completion day, but it would be extremely unusual to complete on a property purchase, and find that the current owners don't move out at all on completion day.

This possibility should be very low indeed on your list of risks.

tealady

eddddy said:

tealady said:

Imagine if you completed, arrived at the property with a van load of your stuff to find the previous owners still packing!

@Jkvism - as FTBs confused by the property buying process, I'd suggest you don't worry about the above possibility.

Sometimes people are a bit late moving out on completion day, but it would be extremely unusual to complete on a property purchase, and find that the current owners don't move out at all on completion day.

This possibility should be very low indeed on your list of risks.

eddddy said:

tealady said:

Imagine if you completed, arrived at the property with a van load of your stuff to find the previous owners still packing!

@Jkvism - as FTBs confused by the property buying process, I'd suggest you don't worry about the above possibility.

Sometimes people are a bit late moving out on completion day, but it would be extremely unusual to complete on a property purchase, and find that the current owners don't move out at all on completion day.

This possibility should be very low indeed on your list of risks.

Perhaps I can tell you what happened to someone I know. They were told exchange had happened, went to EA who closed early. So they had the option to wait till Mon (from Fri) for the keys or break into the house they owned.
BTW the EA in question is no longer in business.

propertyrental

tealady said:

eddddy said:

tealady said:

Imagine if you completed, arrived at the property with a van load of your stuff to find the previous owners still packing!

@Jkvism - as FTBs confused by the property buying process, I'd suggest you don't worry about the above possibility.

Sometimes people are a bit late moving out on completion day, but it would be extremely unusual to complete on a property purchase, and find that the current owners don't move out at all on completion day.

This possibility should be very low indeed on your list of risks.

eddddy said:

tealady said:

Imagine if you completed, arrived at the property with a van load of your stuff to find the previous owners still packing!

@Jkvism - as FTBs confused by the property buying process, I'd suggest you don't worry about the above possibility.

Sometimes people are a bit late moving out on completion day, but it would be extremely unusual to complete on a property purchase, and find that the current owners don't move out at all on completion day.

This possibility should be very low indeed on your list of risks.

Perhaps I can tell you what happened to someone I know. They were told exchange had happened, went to EA who closed early. So they had the option to wait till Mon (from Fri) for the keys or break into the house they owned.
BTW the EA in question is no longer in business.

No, they did not own the house and so breaking in would have been a criminal offence.

Ownership changes hands legally on Completion, not on Exchange.

tealady

propertyrental said:

tealady said:

eddddy said:

tealady said:

Imagine if you completed, arrived at the property with a van load of your stuff to find the previous owners still packing!

@Jkvism - as FTBs confused by the property buying process, I'd suggest you don't worry about the above possibility.

Sometimes people are a bit late moving out on completion day, but it would be extremely unusual to complete on a property purchase, and find that the current owners don't move out at all on completion day.

This possibility should be very low indeed on your list of risks.

eddddy said:

tealady said:

Imagine if you completed, arrived at the property with a van load of your stuff to find the previous owners still packing!

@Jkvism - as FTBs confused by the property buying process, I'd suggest you don't worry about the above possibility.

Sometimes people are a bit late moving out on completion day, but it would be extremely unusual to complete on a property purchase, and find that the current owners don't move out at all on completion day.

This possibility should be very low indeed on your list of risks.

Perhaps I can tell you what happened to someone I know. They were told exchange had happened, went to EA who closed early. So they had the option to wait till Mon (from Fri) for the keys or break into the house they owned.
BTW the EA in question 

Sorry I meant complete not exchange! Fortunately they were moving from rented and had left a few days overlap in order to pack at their leisure.