Notice on Rental & Exchange Date

FlorayG

Speak with your landlord. Where I am, there's always a long list of people looking for rentals, your LL may be able to find someone ready to move who can move in any time, thus giving you flexibility. You only have to abide by the 'one month' clause if the LL insists; see if the LL can let you off that 

saajan_12

ChewyyBacca said:

Hi All,

Unexpectedly all our enquiries have been answered on 23 Dec25. When the offices open in the New Year, I guess we should be talking about the exchange & completion date.
Survey is booked for the first week of Jan 2025. Realistically Im looking at end Jan or begining Feb 2025 as completion date.

Our AST states ''The Tenant must give notice of no less than one month, such notice to expire the

day before a Rent Payment Day or on the final day of the Initial Term.'' 

We are in rolling tenancy & rent due to increase from February 2025.

When should I ideally give notice? I dont want a month between exchange & completion, rather 4-5 days, since from exchange onwards I will be responsible for the new property. Without talking to the solicitor, I dont want to give notice on 1 Jan 25. 

Based on termination clause, it seems like notice has to be calendar month 1st of month to the next. Am i interpreting it correct?

You mention you don't want to take the risk by being responsible for the new property over a month, though this is insurable. 
The risk that the purchase gets delayed or falls through before exchange I'd guess is higher than this. From the vendor's onward purchase, to what the lender needs to see, redeeming the vendor's mortgage, there's 100 starts that need to align for the purchase to go ahead as planned. 

If it doesn't but you've already given notice, then you're either homeless and scrambling for accommodation or staying put and liable for 2x rent if you overstay your notice. The way to avoid this risk is to give notice at the same time as exchange. You could keep a couple of weeks gap between exchange & completion, leaving a couple of weeks overlap. See if you can negotiate with the LL to not have the notice in line with rent payment dates - its a bit pointless as unlike in other countries, starting mid month is fairly common, its not always the 1st of a month. 

ChewyyBacca

saajan_12 said:

ChewyyBacca said:

Hi All,

Unexpectedly all our enquiries have been answered on 23 Dec25. When the offices open in the New Year, I guess we should be talking about the exchange & completion date.
Survey is booked for the first week of Jan 2025. Realistically Im looking at end Jan or begining Feb 2025 as completion date.

Our AST states ''The Tenant must give notice of no less than one month, such notice to expire the

day before a Rent Payment Day or on the final day of the Initial Term.'' 

We are in rolling tenancy & rent due to increase from February 2025.

When should I ideally give notice? I dont want a month between exchange & completion, rather 4-5 days, since from exchange onwards I will be responsible for the new property. Without talking to the solicitor, I dont want to give notice on 1 Jan 25. 

Based on termination clause, it seems like notice has to be calendar month 1st of month to the next. Am i interpreting it correct?

You mention you don't want to take the risk by being responsible for the new property over a month, though this is insurable. 
The risk that the purchase gets delayed or falls through before exchange I'd guess is higher than this. From the vendor's onward purchase, to what the lender needs to see, redeeming the vendor's mortgage, there's 100 starts that need to align for the purchase to go ahead as planned. 

If it doesn't but you've already given notice, then you're either homeless and scrambling for accommodation or staying put and liable for 2x rent if you overstay your notice. The way to avoid this risk is to give notice at the same time as exchange. You could keep a couple of weeks gap between exchange & completion, leaving a couple of weeks overlap. See if you can negotiate with the LL to not have the notice in line with rent payment dates - its a bit pointless as unlike in other countries, starting mid month is fairly common, its not always the 1st of a month. 

saajan_12
Property is chain free, so onward purchase risk is nil. Though all your other points are very valid in case of our transaction. 
Redeeming vendor's mortgage: I assume that this step will be executed a 7-10 days before completion. Vendor has to pay a substantial ERC, since they arent porting. What risks can arise here?
Also how do I minimize risk to us, since notice will already been given & given the demand for rental property in our area, I guess our current rental home will be gone within a week of LL putting it up for rent, so within approx 10-15 days of us giving notice. Given this, is there anything we can do to minimize the risk of vendor's mortgage redemption?
If any thing goes wrong there, then the downsides you highlighted could become highly probable