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BSW89
Posts: 87 Forumite
Hi all,
We are first time buyers currently renting, and have to give our landlord 2 months notice to end the tenancy.
We've made a couple of offers recently that have been rejected. One of the things we've included in the offers is a wish to complete 6-8 weeks after exchange, so that we can give notice to our landlord only once we've completed. If we exchange/complete on the same day, it will cost us £2,400 paying rent for those two months as well as a mortgage.
Just wanted to get a feel for how off-putting this might be to a seller? We could technically afford to lose the £2k in that we have a reasonably comfortable deposit, but outside the context of house-buying, £2,400 is a lot of money!
Would there be any merit in asking the EA how important completion timescales are to the vendor so we can factor that into our offer?
Or would you not even raise this until later in the process?
We are first time buyers currently renting, and have to give our landlord 2 months notice to end the tenancy.
We've made a couple of offers recently that have been rejected. One of the things we've included in the offers is a wish to complete 6-8 weeks after exchange, so that we can give notice to our landlord only once we've completed. If we exchange/complete on the same day, it will cost us £2,400 paying rent for those two months as well as a mortgage.
Just wanted to get a feel for how off-putting this might be to a seller? We could technically afford to lose the £2k in that we have a reasonably comfortable deposit, but outside the context of house-buying, £2,400 is a lot of money!
Would there be any merit in asking the EA how important completion timescales are to the vendor so we can factor that into our offer?
Or would you not even raise this until later in the process?
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Comments
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If a seller is happy with the price you're offering, I doubt that they would turn it into a flat rejection because of the 2 month completion.
More likely, they would come back and say the price is good, but they want to negotiate on the 2 months.
There's no harm in discussing it with EAs. On one hand, they can work out the best best way to present it to their client - but on the other hand, they will also push you hard to be more flexible.0 -
I wouldn't mention it. Just be wary of vendors who make it clear they want a quick sale. We completed last month and our buyers had requested 1 month gap. Worked out great for us. More time to arrange packing and removals.0
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Wouldn't it depend on the circumstances of the seller though?
If you were buying a house with no onward chain I couldn't see it be a problem to ask but if the sellers were buying another property then I could imagine it would.0 -
Thanks all - that's really helpful as it aligns with my own assumptions (that it's not totally unreasonable and that if sellers were particularly concerned they would ask to negotiate on it).0
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The bigger issue is that it impacts the entire chain. Not just your vendors.0
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We are first time buyers currently renting, and have to give our landlord 2 months notice to end the tenancy.
Are you in Scotland?
Because under English law, the required notice period is generally one month (so long as you do it correctly), no matter what your tenancy agreement says.
Anyway, most people in your situation will negotiate a reasonable gap between exchange and completion (an awful lot can go wrong if you attempt to do both on the same day) and perhaps pay rent on an empty flat for a couple of weeks.0 -
Voyager2002 wrote: »Are you in Scotland?
Because under English law, the required notice period is generally one month (so long as you do it correctly), no matter what your tenancy agreement says.
Anyway, most people in your situation will negotiate a reasonable gap between exchange and completion (an awful lot can go wrong if you attempt to do both on the same day) and perhaps pay rent on an empty flat for a couple of weeks.
Could you please give me more information on this as I am in the same situation as the OP apart from we are planning on giving notice after completion to minise risk of losing our current cheap rental.MFW - OP 10% each year to clear mortgage in 10 years!
2019: £16,125/£16,125
2020: £14,172.64/£14,172.64
2021: £12,333.62/£12,333.62
2022: £10,626.55/£10,626.55
2023: switched tactics to saving in a higher interest rate account than mortgage interest rate
2024: mortgage neutral!0 -
Errr. Source on that? Pretty sure that's just wrong. If your tenancy agreement sets up a CPT with a two-month notice period, why do you think the tenant isn't beholden to that?Voyager2002 wrote: »Because under English law, the required notice period is generally one month (so long as you do it correctly), no matter what your tenancy agreement says.0 -
ThePants999 wrote: »Errr. Source on that? Pretty sure that's just wrong. If your tenancy agreement sets up a CPT with a two-month notice period, why do you think the tenant isn't beholden to that?
Also keen to know more on this. I don't know the technicalities but we originally had a 12 month tenancy agreement which we extend for another year every anniversary, and it has a break clause stating we can terminate on 2 months notice (as can our landlord).0 -
If you are in a chain then always best to be open in comms from the outset. No one likes people trying to pull a stunt at the last minute.
You don't have to move in on the day you complete though. Many would consider being able to continue living elsewhere for a week or two whilst any decorating and other works that may need doing are undertaken an advantage, assuming you are buying reasonably close to where you live now0
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