Moving to my new house

tsuzmir

right, so here i have a question which cannot be answered, but just looking to see what is others experience/suggestions. i'm renting at the moment and buying a new built. the builder is on the ball and there are no delays. the house is supposed to be ready for snagging on 3rd week of October and looks like they'll make it- pretty soon and i am freaking out... how much time should i allow for finalizing the purchase (i obviously have mortgage approval - thankfully from 2 banks) and moving in? i wouldn't hurry, but i need to give my current landlord a notice... my thinking is, that i want to rent for as short period of time s possible, just to save money and not paying rent if not needed. on the other hand i'm freaking out cause i dont want to be homeless for even shortest period of time...
any thoughts?

The_Conductor

You'll need to talk to the builder- to find out exactly when the new house will be habitable. You don't need the snagging complete- it just has to be habitable. Normal process is the solicitor witholds 10% of the agreed price until both parties agree that the final snagging is complete. How much notice to give your current landlord? Depends. Do you have a fixed term lease, or an open ended agreement? How long have you been renting from them. Fixed term lease- technically you are liable to pay the rent to the end of the lease, subject to any break clauses in the lease (which there may very well be).

It sounds from the little you've posted, that the builder is very much on the ball. I'd be more critically organising a meeting with the mortgage advisor and finalising how I was proceeding with financing this tbh- I take it that these are actual approvals, rather than approvals in principle?

Let us know how it goes.

riclad

You need to make sure you have approval on this, house, not general approval, bank may want house inspected by a surveyor,to check its up to standard.
house purchase legal process usually takes 2 to 3 months.

tsuzmir

approval is on the house we are buying. the landlord said he'd be happy if we give him 1 months notice...

The_Conductor

Rereading this. Riclad is right- you need to get your skates on pronto!!!