Help!!! Very frightened FTB!!

pie81

Ok here is what you are risking:

1) exchange now with completion date june
2) lose job in between
3) have to tell mortgage lender, because you are obliged to under the mortgage contract and if you don't it's fraud
4) lender withdraws mortgage offer and nowhere else will lend you the £
5) you fail to complete as haven't got the £
6) seller sues you for the price you would have paid (though if he is able to sell the place to someone else, that amount will be deducted from his claim, less any additional expenses he's incurred by having to sell twice). He is perfectly legally entitled to do this - it is NOT just your deposit he keeps.

If there is anything more than a very slight risk of 2) then I would not be wanting to agree to a long delay between exchange and completion.

Why not just wait till June? Worst that happens is that you lose your job and then can't exchange OR complete... you will lose some survey/legal fees but at least you won't be saddled with a flat that you can't afford due to having lost your job. Don't rely on being able to get another less well paid job easily - jobs are few and far between out there.

cosmic_spice

Hey Poppy

I can save c. £5K by June which would go towards my "sky falls down" fund.

I probably could take a lodger at a push - but would prefer not to.

Pie - I agree - am going to negotiate either we go now and complete quickly or wait til june - thankyou