Buying a house - when to give notice?

colm_c

We've gone sale agreed on a property a month or so back, we're now hopefully going to sign the contracts next week.

We're currently renting for the past 3 years, and are on a part 4 tenancy, which I believe means we need to give 56 days notice.

Now our dilemma is when to give our landlord notice? We're trying to balance having an adequate cross over period vs having to pay 2 months rent and 2 mortgage payments vs having to move somewhere temporarily.

When would you normally give notice? When you sign contracts and have a closing date? When you actually get the keys? Some other milestone?

jon1981

I'd give notice when contracts are signed as until that time you have no assurance that the sale will go through.

We were in your situation and we had to just accept that we were going to close on a date inside the 56 day notice period and end up paying 3 weeks rent on our rental place even though we will had moved into the new house. It's very hard to line the two up.

What if you give notice and then sale is delayed and the landlord has lined up a new tenant?

the_syco

You give notice when you move in. Have a read through the forums, and you'll see that delays happen, and most often people have to throw their stuff into storage lockers and live with parents or friends for the weeks/months that the delay is. Delay can be their side, or sometimes you decide to get something done internally before you move in (that will be done quickly without your stuff in the way).

Diane Selwyn

I've recently had this dilemma as well and be warned - I was 'expecting to sign next week' for about 6 weeks. I waited until I finally did sign and then told the LL the situation and luckily he was fine with me giving shorter notice - I'm in Dublin and my rent hasn't gone up in a while so I'd say he is delighted at the prospect of getting me out asap and getting someone else in at a higher rent. I did offer to cover the whole notice period if he needed it (but obviously was hoping he wouldn't).

2013Lara

I gave notice when I was a few weeks in. Landlord had another tenant lined up without them even viewing the house. 10 or so months since moving out were still waiting on the sale to close. Stay put while you can would be my advice When you have a closing date in sight give your notice.

colm_c

Already been waiting 8 weeks, so I think I'll hold out until we get the contracts signed and get a closing date in our sights.

Also in the same boat as Diane in that we're paying well below market rates for rent so should be also able to negotiate a shorter notice period.

the_syco

Look around, and if there's sweet F all places to rent, you'll know that the LL will be able to get a tenant in quicker, so you should be able to shorten the notice period to suit both of ye, but only when ye move out!

Supercell

Better pay a couple months extra rent than be on the street or the parents house for a couple of months! Thats we ended up doing. There are ALWAYS delays signing contracts and collecting keys, don't say we didn't warn ye here first!!

colm_c

Going to definitely air on the side of caution!

Especially since we don't have any family in the Dublin region, or even within 2 hours drive, so crashing in a relative's would be impossible!

mugwumpjism

Good Morning All,

Good auld boards there is always a discussion on exactly what you need! Same situation as the posters here, can I clarify 2 things....will I give my notice on signing and setting a completion date, is this fairly set in stone? and secondly what is the usual time between signing and exchange?

I have chatted with my mortgage adviser and the best way to minimize cross over payments is to set the completion date a day after your agreed payment date for the mortgage as (BOI anyway) give 30 days grace. So for example your mortgage payment will go out of the bank on the 10th of the month..if you exchange on the 11th of June lets say, your first payment will be the 11th of Aug as the 30 days grace will pass over the July payment date.