Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • BSW89
    • By BSW89 10th Aug 18, 6:41 PM
    • 28Posts
    • 11Thanks
    BSW89
    Asking to complete 2 months after exchange - how off-putting?
    • #1
    • 10th Aug 18, 6:41 PM
    Asking to complete 2 months after exchange - how off-putting? 10th Aug 18 at 6:41 PM
    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?
    Last edited by BSW89; 10-08-2018 at 6:42 PM. Reason: Typo
Page 1
    • eddddy
    • By eddddy 10th Aug 18, 6:55 PM
    • 6,747 Posts
    • 6,626 Thanks
    eddddy
    • #2
    • 10th Aug 18, 6:55 PM
    • #2
    • 10th Aug 18, 6:55 PM
    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.
    • SG27
    • By SG27 10th Aug 18, 7:10 PM
    • 2,371 Posts
    • 1,607 Thanks
    SG27
    • #3
    • 10th Aug 18, 7:10 PM
    • #3
    • 10th Aug 18, 7:10 PM
    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.
    • gettingtheresometime
    • By gettingtheresometime 10th Aug 18, 7:51 PM
    • 3,919 Posts
    • 9,911 Thanks
    gettingtheresometime
    • #4
    • 10th Aug 18, 7:51 PM
    • #4
    • 10th Aug 18, 7:51 PM
    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.
    Lloyds OD / Natwest OD / PO CC / Wescott / Argos Card cleared thanks to the 1 debt v 100 day challenge


    Next on the list - JD Williams
    • BSW89
    • By BSW89 10th Aug 18, 8:11 PM
    • 28 Posts
    • 11 Thanks
    BSW89
    • #5
    • 10th Aug 18, 8:11 PM
    • #5
    • 10th Aug 18, 8:11 PM
    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).
    • Thrugelmir
    • By Thrugelmir 10th Aug 18, 8:16 PM
    • 59,543 Posts
    • 52,839 Thanks
    Thrugelmir
    • #6
    • 10th Aug 18, 8:16 PM
    • #6
    • 10th Aug 18, 8:16 PM
    The bigger issue is that it impacts the entire chain. Not just your vendors.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Voyager2002
    • By Voyager2002 10th Aug 18, 8:29 PM
    • 12,277 Posts
    • 8,377 Thanks
    Voyager2002
    • #7
    • 10th Aug 18, 8:29 PM
    • #7
    • 10th Aug 18, 8:29 PM

    We are first time buyers currently renting, and have to give our landlord 2 months notice to end the tenancy.
    Originally posted by BSW89
    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.
    • Throwaway1
    • By Throwaway1 10th Aug 18, 8:34 PM
    • 320 Posts
    • 519 Thanks
    Throwaway1
    • #8
    • 10th Aug 18, 8:34 PM
    • #8
    • 10th Aug 18, 8:34 PM
    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.
    Originally posted by Voyager2002

    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.
    • ThePants999
    • By ThePants999 10th Aug 18, 9:00 PM
    • 1,235 Posts
    • 1,541 Thanks
    ThePants999
    • #9
    • 10th Aug 18, 9:00 PM
    • #9
    • 10th Aug 18, 9:00 PM
    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.
    Originally posted by Voyager2002
    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?
    • BSW89
    • By BSW89 10th Aug 18, 11:01 PM
    • 28 Posts
    • 11 Thanks
    BSW89
    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?
    Originally posted by ThePants999
    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).
    Last edited by BSW89; 10-08-2018 at 11:11 PM. Reason: Edited for clarity re break clause
    • MysteryMe
    • By MysteryMe 10th Aug 18, 11:23 PM
    • 1,914 Posts
    • 2,314 Thanks
    MysteryMe
    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 now
    • BSW89
    • By BSW89 10th Aug 18, 11:30 PM
    • 28 Posts
    • 11 Thanks
    BSW89
    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 now
    Originally posted by MysteryMe
    Unfortunately we're looking at moving to a completely different area.

    A couple of weeks is ok (agree it could be a good thing), but 2 months is unnecessary, I'd rather have more money left to spend on decorating/furnishing the place. Clearly it's not a deal breaker though and I don't want to annoy everyone else in the chain!

    I guess its on a case-by-case basis but some compromise is probably helpful.
    • takman
    • By takman 10th Aug 18, 11:46 PM
    • 3,598 Posts
    • 3,221 Thanks
    takman
    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?
    Originally posted by BSW89
    If you think about it you won't actually be saving the 2,400 no matter what you do:

    If you exchange and complete 2 weeks later or exchange and complete 2 months later you will still be giving two months notice so will always have to pay that 2,400.

    In regards to the mortgage if complete 2 months after exchange rather than two weeks it just means you start paying the mortgage later and it doesn't actually save you any money overall.

    So yes you will have abit more cash in the sort term but you won't actually save any money either way, so it's good to remember that when negotiating the time between exchange and completion.
    • BSW89
    • By BSW89 11th Aug 18, 12:37 PM
    • 28 Posts
    • 11 Thanks
    BSW89
    If you think about it you won't actually be saving the 2,400 no matter what you do:

    If you exchange and complete 2 weeks later or exchange and complete 2 months later you will still be giving two months notice so will always have to pay that 2,400.

    In regards to the mortgage if complete 2 months after exchange rather than two weeks it just means you start paying the mortgage later and it doesn't actually save you any money overall.

    So yes you will have abit more cash in the sort term but you won't actually save any money either way, so it's good to remember that when negotiating the time between exchange and completion.
    Originally posted by takman
    Fair point! Just means less money for decorating/furniture, but yes - the fact were not losing out overall, just in the short term, does make it easier to accept. Thanks for pointing that out.
    • Smodlet
    • By Smodlet 11th Aug 18, 1:16 PM
    • 3,622 Posts
    • 6,806 Thanks
    Smodlet
    One way to ensure quick completion is to buy an auction property. You have to be able to complete within either 28 or 56 days unless otherwise stated, I believe.
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • GoingOn30
    • By GoingOn30 11th Aug 18, 4:18 PM
    • 95 Posts
    • 65 Thanks
    GoingOn30
    We wanted 4 weeks between exchange and completion for similar reasons but we only had to give 1 months notice.
    If you give your landlord a heads up once you've had an offer accepted then you might be able to negotiate 6 weeks notice since they will then already have an idea they need to get ready to remarked the property. Many landlords willbe happy to help if you can also make their life easier, identify any repairs that need doing, be accommodating for estate agent photos or viewings for new tenants.
    We didn't mention until a couple of weeks into conveyancing that we wanted the 4 week gap but it wasn't a problem.
    • Hoploz
    • By Hoploz 11th Aug 18, 7:21 PM
    • 3,797 Posts
    • 3,337 Thanks
    Hoploz
    Just be aware that if there are two bidders then if the sellers want to move without unnecessary delays (who doesn't?!) then they are likely to favour the people without stipulations.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

222Posts Today

2,078Users online

Martin's Twitter
  • Ta ta... for now. This August, as I try and do every few yrs, I'm lucky enough to be taking a sabbatical. No work,? https://t.co/Xx4R3eLhFG

  • RT @lethalbrignull: @MartinSLewis I've been sitting here for a good while trying to decide my answer to this, feeling grateful for living i?

  • Early days but currently it's exactly 50 50 in liberality v democracy, with younger people more liberal, older more? https://t.co/YwJr4izuIj

  • Follow Martin