Help made redundant days before exchange

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

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

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_2

Em0208 wrote: »

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?

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

https://www.lettingagenttoday.co.uk/breaking-news/2017/3/1-4m-landlords-unaware-of-mortgage-interest-tax-relief-change

Red-Squirrel_2

27sum wrote: »

Hi,
Please advise. I am about to exchange contract for a new built house next week. This week at work have been told that my team is "at risk" of redundancy and our consultation period will end by mid of next month. My line manager says verbally that I should not panik and I will definitely be retained more so a member of the team has expressed voluntary redundancy and that means new org chart have exact specific job as remaining team members.
What should I do? Should I ask seller to wait for say 3 weeks and then I will definitely exchange contract which I will. But there is always a 0.00001% chance so I want to wait until mid of next month before entering contract.
I fear that it could mean that I lose my dream house if they find a new buyer should they not wait for me.
Can someone please please guide what I do.
I still want to go through the deal even if I am made redundant as will be able to find another job per my skills plus saving and redundancy money should see me through for couple of months, it just that lender may pull if I tell I am being made redundant.


thanks
S

I recommend you start a new thread about your situation as many posters will not bother reading through 2 pages of an old one.

27sum

Thanks for advise. Have posted new thread.

cloo

I'd keep schtum and exchange. I've know people who have exchanged in similar positions and they've managed fine.