You’ve offered successfully for your first home and you’ve agreed the date of entry!
This all happens at the date the offer is made and is verbally accepted. Typically, the date of entry will be in 8 weeks time.
So you’re on a countdown of 8 weeks in which we, as your solicitors, need to get everything done for you. But there is no taking a breather for you. You have a lot of things to do and believe me, the time will fly!
One of the things you need to think about quite early on if you are presently renting a property is to decide when to give your landlord notice to end the lease (which is also referred to as ‘Notice to Quit’).
Start by looking at your lease. The lease will tell you when your lease is due to come an end and will probably give you information on how much notice you have to give to your landlord.
The next thing you should do is to contact your landlord or the letting agent if there is one. You should explain to them that you are planning to move out on the Date of Entry and check with the landlord or letting agent what steps need to be taken to bring the lease to an end.
Note of Caution
Just because your offer has been verbally accepted does not mean that there is a legally binding contract. The legally binding contract will only be achieved once your mortgage offer has been issued and that is typically four to five weeks into the eight week run up to the Date of Entry.
Whilst we shall do everything possible to make sure you complete the purchase on the Date of Entry, on rare occasions there will be a delay. Reasons why there might be a delay include your mortgage offer taking longer than usual to be processed and issued or title related problems arising that take time to be resolved. Delays are rare but on occasion they do happen.
Therefore the counsel of perfection is always that you do not give notice to quit to your landlord or letting agent until there is a legally binding contract (notwithstanding that this might not be until we are four to five weeks into the purchase process) to avoid becoming homeless in the event that either the purchase does not go ahead or if there is a delay in completing the purchase. Even if this means that there is an overlap when you are paying rent as well as a mortgage.