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rachaelftbhtb
Posts: 6 Forumite
Can anyone offer some advice please? I hope this makes sense ….
My partner and I are currently in the process of purchasing our first home (new build) with HTB. We have had the authority to proceed from HTB and our mortgage offer from Halifax. Our solicitor is awaiting the return of the local search before they can apply for authority to exchange from HTB.
We are currently renting, and our tenancy runs out on the 28th July. Our letting agents have sent us a new tenancy to sign. We are reluctant to sign this, and they do not know our plans to move out of the property.
We have been given an approximate completion date of the 26th July, so this would work out perfectly. I am aware that we need to give a months notice on our rental property, so we had planned to give our one months notice on the 27th June, with the view to move out on the 27th July.
There is the risk that our new house will not be ready on the 26th July, but we are able to live temporarily with my mother-in-law until our new house is completed.
Are HTB likely not to give us authority to exchange? I’m not really sure what to do or when to give notice on our rented house, any advice would be great. :j
My partner and I are currently in the process of purchasing our first home (new build) with HTB. We have had the authority to proceed from HTB and our mortgage offer from Halifax. Our solicitor is awaiting the return of the local search before they can apply for authority to exchange from HTB.
We are currently renting, and our tenancy runs out on the 28th July. Our letting agents have sent us a new tenancy to sign. We are reluctant to sign this, and they do not know our plans to move out of the property.
We have been given an approximate completion date of the 26th July, so this would work out perfectly. I am aware that we need to give a months notice on our rental property, so we had planned to give our one months notice on the 27th June, with the view to move out on the 27th July.
There is the risk that our new house will not be ready on the 26th July, but we are able to live temporarily with my mother-in-law until our new house is completed.
Are HTB likely not to give us authority to exchange? I’m not really sure what to do or when to give notice on our rented house, any advice would be great. :j
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Comments
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You don’t need to sign a new tenancy, you will move onto a periodic tenancy automatically.
If you are moving out at the end of a fixed term AST you are not required to give notice, if you stay past this date you move onto aforementioned periodic tenancy.
I would be wary of approximate completion dates...
theguardian.com/money/2019/jun/23/new-build-homes-buy-delay-bill-developers0 -
When should I notify them that I am moving out at the end of our tenancy?0
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Move to a periodic tenancy. Seerachaelftbhtb wrote: »When should I notify them that I am moving out at the end of our tenancy?
* 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?
If your current tenancy agreement states that when the fixed term ends a Contractual Periodic Tenancy will follow, requiring X months notice, then that is the notice you must give.
If your current tenancy agreement is silent, then you'll have a Statutory Periodic Tenancy and must give one full tenancy period notice ie a month ending on the last day of a period.
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I recommend you don't give notice on your rental property until you're served notice to complete on the new build. That will result in some overlap, but (a) that's the only way to ensure you definitely have a home at all times, and (b) overlap when you move home is really useful!
As has been said, you don't need to do anything about your tenancy. If you take no action whatsoever, you'll end up with a periodic tenancy - just what you want here.0 -
Thanks for your reply
The way I’ve read our tenancy means we have to give notice by the 27th of the month for it to come into effect from the 28th of the following month. So say we was to give notice on the 2nd July for example, we would have to pay up to the 28th August. It’s the risk that we will have to pay for the rental place AND our mortgage - does that make sense?0 -
You either move out by the 28th July, or you stay until atleast 27th Septemberrachaelftbhtb wrote: »Can anyone offer some advice please? I hope this makes sense ….
My partner and I are currently in the process of purchasing our first home (new build) with HTB. We have had the authority to proceed from HTB and our mortgage offer from Halifax. Our solicitor is awaiting the return of the local search before they can apply for authority to exchange from HTB.
We are currently renting, and our tenancy runs out on the 28th July. Our letting agents have sent us a new tenancy to sign. We are reluctant to sign this, and they do not know our plans to move out of the property. - if your fixed term ends on the 28th July, then that is when you are bound to pay rent until; no notice is required
We have been given an approximate completion date of the 26th July, so this would work out perfectly. I am aware that we need to give a months notice on our rental property, so we had planned to give our one months notice on the 27th June, with the view to move out on the 27th July. - That's more than a month anyway
There is the risk that our new house will not be ready on the 26th July, but we are able to live temporarily with my mother-in-law until our new house is completed. - yes most new builds aren't completed on time
Are HTB likely not to give us authority to exchange? I’m not really sure what to do or when to give notice on our rented house, any advice would be great. :j0 -
rachaelftbhtb wrote: »Thanks for your reply
The way I’ve read our tenancy means we have to give notice by the 27th of the month for it to come into effect from the 28th of the following month. So say we was to give notice on the 2nd July for example, we would have to pay up to the 28th August. It’s the risk that we will have to pay for the rental place AND our mortgage - does that make sense?
That would be a month and 2 days notice.0 -
Can't comment comment unless you quote.rachaelftbhtb wrote: »The way I’ve read our tenancy means we have to give notice by the 27th of the month for it to come into effect from the 28th of the following month.0 -
That's what I meant by "overlap". You'd prefer not to have it - but a month of it won't break the bank, right?rachaelftbhtb wrote: »It’s the risk that we will have to pay for the rental place AND our mortgage - does that make sense?
(If it will, you can't afford home ownership yet...)0 -
No it won’t “break the bank” and I can afford home ownership, other wise we wouldn’t have had an offer from a lender. I don’t want to have to pay an extra near enough £1000 on rent when I’m not necessarily going to be there when that £1000 could be spent towards my mortgage.
:T
Anyway, thanks everyone for your help - all sorted now :money:0
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