Received Mortgage Approval

cpier

Apologies if this topic has been discussed before.

We have just received approval on our mortgage and with the new regulations coming into play next year we are hoping to move as quickly as possible all things working out to our favor.

My question is we are currently renting and have been in the same house since October 2011. We have signed a lease which will expire in February 2015. I would appreciate any advice people can people give me in either hypothetical case below,

1. The house we buy is available to move into before our current lease expires am I correct in saying that one months notice is enough notice to give our landlord? There are no stipulations in the current lease as to notice periods relating to the amount of time we have been living in our house. Or does "part 4" come into play here regardless?

2. We have purchased a house and are waiting for the sale to close and are still living in our rented accommodation once our current lease expires. Are we still obliged to give our landlord one months notice after our current lease has expired? To be fair I probably would anyway, or have we any obligation once the current lease expires.
Also what would peoples opinion be on being honest with the landlord once the lease expires and tell him we have bought a house and see would he be willing to rent to us on a month to month basis, again giving him a months notice, after sale of new house has closed, to find another tenant. I would like to be honest but what would our rights be in this case if the landlord found a new tenant and wanted them in and us out. Could he just say "x is moving in a week, pack up your stuff!" I appreciate its hard to give an opinion as every landlord is different.

Hope that makes sense, and appreciate any advice given, this is our first house purchase and although we are very excited we are also a little anxious that we cover all bases.

allibastor

Just speak to your landlord and explain the situation.

If you are there since 2011 they should be happy to let you have or move with a month extra on each side.
Generally most people are not dicks if you just talk to them.

Glenbhoy

I wouldn't worry too much about it if I was you, firstly I would be absolutely amazed if you were able to purchase and close before February. Secondly, I have mentioned before on other threads, but i think that the approval may not translate into a draw down when next year comes around. I don't want to worry you unnecessarily, and we'll know better in a fortnight, but I'd be wary about spending too much on surveyors and legal fees without talking to the bank in the new year. The CBI document was pretty specific in that it expected banks to be cognisant of the new rules from the day the consultation document was released, that is ambiguous, but it goes on to say that it didn't expect the banks to approve loads of people pre deadline and then allow them to draw down post deadline in contravention of the proposed guidelines.
Time will tell, but I'd definitely talk to the bank again as soon as the actual regulations are in place, there's no point in spending 1.5k in fees for no reason and you've no comeback at that stage.

cpier

Thanks for your replies. Indeed Glenbhoy we probably do have our heads in the clouds!

It is a little scary just having being approved and being so unsure as to what will happen in the new year. Our mortgage broker seems confident that the banks will honor any AIP's given, but I assume they won't have a choice if the regulations are very strict.

Fingers crossed it doesn't all fall apart for us in the new year!

ForEffsSake

If your lease is a fixed-term lease then it's not Part 4 so you can't leave before the end of the lease without penalty. This works both ways, he can't throw you out either before then.
To be honest, at the moment it's probably unlikely you'll manage to get a place and move in before then so that's probably fine!
However, you can move on to a Part 4 basis after your lease expires in February.
What we did, is once the lease was up, we explained to our landlord we were looking for a house and didn't want to tie ourselves into another year, so we asked to go on a month by month (which is a Part 4 basis). So now our notice period for both sides depends on how long we've been living here. It think we have to give 56 days notice but would have to check the web site.

Best of luck on the search, they're going to delay the new rules anyway so you'll more than likely manage to avoid them.

FES