advice needed

hmd1987

Ok, to cut a long story short we've been trying to sell our house for approx a year. We reserved a new build last year but lost out as we didn't get a sale on our existing house (used the builders scheme). In that time, I've managed to secure a much better paid job which now means we can get a much more suitable house....

We finally get an offer on our house (last week). Go to the new build development and secure a good deal on the new house..Yesterday my wife at work dials into a conference call to find out she is at risk of redundancy...its a very strong chance it will happen. We are away next week, so her work cannot conduct the 1-1 until we are back, which is when they will go through if there are any possible chances of moving to a new role or if its the end of the line etc.

Now my gut feeling is to call Taylor Wimpey today, tell them the situation, and ask them to pass the message onto the EA. Say we won't have a definitive answer for maybe 2 weeks, but that we really don't want to lose the house.

We definitely cannot proceed if she does lose her job, we have 3 year old twins with high nursery costs, so it may be a case of finding any job to keep money coming in, which probably won't satisfy the mortgage deal.

Should we just pull out now? Or shall I leave it up to TW/buyers of our house to decide? or shall we not say anything and start the legal side of things (have to put down £300) and pull out further down the line if we need to

BLOW_FLY

Having just been through a similar situation to you, personally I wouldn't start or do anything until your wife's job position is 100% clear.

If it's only 2 weeks you should easily be able to stall the situation for that amount of time till you find out. We managed to stall for nearly five months till my wife found gainful employment again and we were able to get the mortgage etc through.

BF

AnotherJoe

I fail to see what telling TW or your buyers will accomplish as you won't be telling them anything other than you may or may not proceed which is the position you are in anyway, you can after all arbitrarily pull out in any case.

If there is a deadline by which you need to decide whether to put down the £300 then oniy you can decide whether to take the gamble, but given you say you have very high costs and don't know what will happen to wife's job long term (even if she gets a new position how safe would that be?) if it was me I'd pull out and wait until things were more settled at your wife's work.

hmd1987

thankyou both for your responses.

I don't want to have to pull out, as it is our dream house and like I mentioned, it has taken us a year to get an offer on our house....It isn't ideal to even to complete the sale and move into rented either (don't want to do that).

Won't bother calling anyone today then, and see how long we can stall the whole process. I guess if the buyers get fed up, then they will just pull out and if that is the case, then so be it.

it couldn't have come at a worse time

BLOW_FLY

I feel for you, it never does come at the 'right time' does it......

Like we did, you're going to have to play this one out I'm afraid if you want the house. It will be a long and stressful at times game.

A game for us, which started at beginning of January just before we put full mortgage application in we were thrown the curved ball of her redundancy.

BF

lincroft1710

Until your wife finds out for definite if she will be made redundant, there is little point in you doing anything. £300 could be a lot of money if you only have one wage coming in