Redundancy prior to exchange - help?!

the_girl

Hi all

I've just been told my role is being made redundant and I will be given a two week consultation period, during which I can apply for an alternative role (I won't as it doesn't appeal to me). After that I will have my three months notice at the very least, as yet no severance terms have been discussed. This is all horribly bad timing as I'm awaiting confirmation of exchange dates any day now. My question is do I need to tell my solicitor or lender and what will happen? Any chance I can just risk not saying anything at this point?

Thanks

libf

Yes, you need to tell them, otherwise you're committing fraud. Lending will be based on your circumstances and those have changed.

Sorry you've found yourself in this situation, but don't make it worse by not coming clean.

betmunch

Do you think this is a material change to your circumstances?


If so you need to tell the lender.

Jhoney_2

... And call your solicitor to ensure exchange does not take place!

Thrugelmir

the_girl wrote: »

Any chance I can just risk not saying anything at this point?

How long can you afford to be out of work for?

stator

Assuming there is a mortgage involved you must tell them.
If there's no mortgage then I guess you can take whatever risks you want.

WillyWonga

If the house is your main aim then why not apply for the alternative role?? You can do that whilst the house sale is going through then look for another job afterwards. Voluntary redundancy is not worth much nowadays - is it worth taking the cash and risking getting another job quick? Your lender will withdraw the offer as you are saying that you are becoming unemployed unless you have another job lined up. And if you do get another job quick the lender wont look on it favourably as just started.

You say the new role doesn't appeal to you? It will mean that you will have to start house hunting in a years time after 1 year with your new employer.... does that appeal to you?????

the_girl

Thanks all. Getting a new job shouldn't be an issue as I'm in a fairly niche market and demand is high. Also I'll be able to support myself for a good while given that I'll have a minimum of three months pay/gardening leave plus any severance. In any case would the lenders do final checks with my employers? And what would they ask?

libf

the_girl wrote: »

Thanks all. Getting a new job shouldn't be an issue as I'm in a fairly niche market and demand is high. Also I'll be able to support myself for a good while given that I'll have a minimum of three months pay/gardening leave plus any severance. In any case would the lenders do final checks with my employers? And what would they ask?

You have to tell the lender or you are committing fraud.

Landofwood

the_girl wrote: »

Thanks all. Getting a new job shouldn't be an issue as I'm in a fairly niche market and demand is high. Also I'll be able to support myself for a good while given that I'll have a minimum of three months pay/gardening leave plus any severance. In any case would the lenders do final checks with my employers? And what would they ask?

It's possible, although unlikely at this stage.

You know the risks, it's up to you. Nobody else knows your circumstances better than you.

All the best!

Landofwood

libf wrote: »

You have to tell the lender or you are committing fraud.

That's not an answer.

If they want to commit fraud, that's up to them.