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  • FIRST POST
    • Em0208
    • By Em0208 1st Mar 17, 3:47 PM
    • 16Posts
    • 3Thanks
    Em0208
    Help made redundant days before exchange
    • #1
    • 1st Mar 17, 3:47 PM
    Help made redundant days before exchange 1st Mar 17 at 3:47 PM
    Hi
    We are due to exchange on our dream property in a matter of days, my husband has just come home to tell me he is being made redundant. I am in utter shock and can't see any other way but to have to pull out of our sale and purchase, my husband on the other hand wants to still go ahead, he is getting a good package enough to give us 6 months or so but if he doesn't get another job for a while or god forbid the lender find out after exchange we lose so much more than if we pull out now. I don't want to at all but I'm a realist and knowing our luck we would get found out and even if we don't I would be worried sick if he couldn't get a new job! My husband is furious that I want to pull out as he thinks the risks are worth it and the lender will not do any further checks before completion and he will get another job quickly so there is no reason to disclose this information. I don't agree. Some advice would be appreciated.
Page 3
    • BrassicWoman
    • By BrassicWoman 4th Mar 17, 12:36 PM
    • 1,234 Posts
    • 5,163 Thanks
    BrassicWoman
    I'd take your name off the new mortgage and house and let husband do as he wishes; no point you both being marked down for fraud. Then at least one of you will be able to buy somewhere in the future.
    Downsized and mortgage free
    August 17 grocery challenge £89.07/£100
    • zagubov
    • By zagubov 4th Mar 17, 1:35 PM
    • 14,648 Posts
    • 125,435 Thanks
    zagubov
    The mortgage repayments would be more as we are upsizing, it's difficult to say how long it would take to get a job,
    Originally posted by Em0208
    This says it all: you've answered your own question perfectly. There's no argument whatsoever for you continuing with this purchase.
    Last edited by zagubov; 04-03-2017 at 1:38 PM.
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
    • hazyjo
    • By hazyjo 4th Mar 17, 5:28 PM
    • 9,342 Posts
    • 11,780 Thanks
    hazyjo
    Sounds like you had your answer before you even started the thread lol.
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies
    • Em0208
    • By Em0208 15th Mar 17, 7:08 PM
    • 16 Posts
    • 3 Thanks
    Em0208
    Hi all thanks for all your replies, thought I would update you and to see if I could pick your brains again. So after much debating we finally decided to pull out of our sale and purchase even though our broker said we should carry on as they would never know! We decided it wasn't worth the massive risk, so reluctantly we walked away. That was 2 weeks ago since then we have been having a think and wonder if there may be a way of salvaging this. The plan is to carry on with our sale, that plus the redundancy money would give us a bigger pot so we have put a proposal to them to rent the house until we can buy it. The EA has said the rental is 2k a month but we feel that there could be a concession as currently the house is empty and has been since December, it might take them 6 months to sell again. If they go with us they have guaranteed advanced 12 months rental and a ready made buyer after that maybe before if OH can secure another job quicker than that. It seems like it could be a win for everyone if the price is right 2k is too much, so I'm wondering what you think are we being cheeky to ask for a discount bearing all that in mind?
    • saajan_12
    • By saajan_12 15th Mar 17, 7:24 PM
    • 656 Posts
    • 426 Thanks
    saajan_12
    Many of the issues with buying now still stand if you rent it.
    * What if OH doesn't get a job in the next year? The seller presumably wants to sell soon so will eventually evict, meaning double moving costs for you.
    * What if OH gets a job far away? You may need to move, meaning double moving costs.
    * What if OH doesn't get a job that pays enough to afford the rent? You'll eat into the deposit pretty quickly.
    * What if the sellers raise the price? You'll be already moved in so the sellers know you're already invested in the deal and in a poor negotiating position.

    This is ofcourse assuming the seller wants the headache of letting and doesn't want the cash.

    You're better off staying where you are to avoid the extra moving costs, and when OH gets a secure job, then bolster your deposit with any leftover redundancy money and go from there.
    • Sheep
    • By Sheep 15th Mar 17, 7:47 PM
    • 173 Posts
    • 38 Thanks
    Sheep
    Really interesting how the biggest advice given on this site over many many years is 'listen to your broker'. He knows the lender and has told you no further checks would be made and he is still actually employed.

    By the time you have negotiated rent you would probably have exchanged and completed.

    Id have done that.
    • Mrs36
    • By Mrs36 15th Mar 17, 8:39 PM
    • 110 Posts
    • 203 Thanks
    Mrs36
    I think you are taking the mick a bit asking for a discount. You are already asking the seller to be a landlord, which has consequences for their own mortgage, go through all the tax/insurance/gas safety requirements that a tenancy requires them to do. I'm sure it is gutting for you to think of losing this property but I'm not sure you've thought it through from the sellers perspective - I think it is a non-starter, sorry.
    • Red-Squirrel
    • By Red-Squirrel 15th Mar 17, 9:01 PM
    • 1,509 Posts
    • 4,077 Thanks
    Red-Squirrel
    Hi all thanks for all your replies, thought I would update you and to see if I could pick your brains again. So after much debating we finally decided to pull out of our sale and purchase even though our broker said we should carry on as they would never know! We decided it wasn't worth the massive risk, so reluctantly we walked away. That was 2 weeks ago since then we have been having a think and wonder if there may be a way of salvaging this. The plan is to carry on with our sale, that plus the redundancy money would give us a bigger pot so we have put a proposal to them to rent the house until we can buy it. The EA has said the rental is 2k a month but we feel that there could be a concession as currently the house is empty and has been since December, it might take them 6 months to sell again. If they go with us they have guaranteed advanced 12 months rental and a ready made buyer after that maybe before if OH can secure another job quicker than that. It seems like it could be a win for everyone if the price is right 2k is too much, so I'm wondering what you think are we being cheeky to ask for a discount bearing all that in mind?
    Originally posted by Em0208

    Sorry, but, are you mad?

    Wait, be patient, stay put, and start thinking about this again when your husband actually has another permanent job. There are always houses up for sale.
    • Crashy Time
    • By Crashy Time 15th Mar 17, 10:55 PM
    • 4,536 Posts
    • 2,054 Thanks
    Crashy Time
    https://www.lettingagenttoday.co.uk/breaking-news/2017/3/1-4m-landlords-unaware-of-mortgage-interest-tax-relief-change
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