Due to exchange but possibly redundancy

IAmWales

jimbog wrote: »

I do understand other people's views on this as being perfectly reasonable however if you were to pull out you just might find yourself stuck in rented (would you be able to afford to keep up the rent ?) and would find it hard to get a new mortgage if you were to try again in the near future.

I don't know your full circumstances and, although I'm usual quite cautious, there may be other options available to you...lodgers etc...

If in rented OP could claim housing benefit immediately. If they have a mortgage any help would only be available after nine months. There are benefits to being "stuck" in rented!

Hope you get better news soon Morgan.

fezster

Telling your solicitor will mean they are duty bound to tell your mortgage lender. Personally, I would hold off saying anything until you know more. You may make the lender nervous and find they pull the offer, only for you to not lose your job after all.

Until exchange, you are not contractually obliged to purchase. Whilst it's not nice to keep the seller in the dark, I would just delay things for a few days until your meeting, at which point you will have more clarity.

elsien

IAmWales wrote: »

If in rented OP could claim housing benefit immediately. If they have a mortgage any help would only be available after nine months. There are benefits to being "stuck" in rented!

Hope you get better news soon Morgan.

Presumably the OP has savings for a deposit and potentially redundancy pay so may not qualify for housing benefit immediately.
Inform people, but wait for the meeting - it's not a done deal yet.

AdrianC

It really is one of those "boot on the other foot" questions.

If you were selling, and your previously keen buyer suddenly started to dither and was reluctant to exchange, wouldn't YOU want to know why?
A simple "Look, I've just found out that there's a work meeting about redundancies next week - and I'm not sure if or how this'll affect me. If it doesn't, we're ready to exchange. If it does, we might need to figure if we can go ahead, but we do want to if we can. Can I keep you posted?" is all that's needed.

sparky130a

AdrianC wrote: »

Talk to both.

About what?

Something that may/may not happen?

Have one in the chamber. Don't pull the trigger. Yet.

Come on.

movilogo

We could still pay the rent if I was on a lower wage but the mortgage payments are £600 more than our rent so not something we could stretch to

That sentence is the key. If you could have met mortgage payment even if you lost the job, I would have said go ahead with purchase. But since you can't meet mortgage payment, it would be best to pull out.

teddysmum

movilogo wrote: »

That sentence is the key. If you could have met mortgage payment even if you lost the job, I would have said go ahead with purchase. But since you can't meet mortgage payment, it would be best to pull out.

Don't do anything as rash as this, until you know what your position is.


In the past I have known of a group of people being given the 'possible loss' interview, but not all lost their jobs. It may even be a case of being offered an alternative job, possibly at different premises.

always_sunny

but until you're [officially] made redundant you're not.
Realistically the only thing separating you from everyone else employed is not much we could all be made redundant!

LKRDN_Morgan

So I ended up going down the truthful route. I get the 'don't say anything until you know for sure' but I really don't think I could have dodged them until next week (and it's late next week I'll hear)
I feel like a bit of a weight has been lifted.
Solicitor was lovely. She said she's not going to tell the lender because there's nothing to tell at the minute. EA rang me and was equally as lovely. Person at the top of the chain wasn't particularly nice. Thinks we're pulling a fast one to stall the exchange but I don't have the energy to worry about them right now.
Will update next week incase anyone is interested in knowing the outcome of my potentially disastrous situation

Thrugelmir

always_sunny wrote: »

but until you're [officially] made redundant you're not.
Realistically the only thing separating you from everyone else employed is not much we could all be made redundant!

On the mortgage application a declaration is signed. One of the conditions agreed to by the potential borrower. Is that the applicant agrees to notify the lender of any change in circumstances. Never ceases to amaze that people think that contractual clauses can simply be ignored at will. They are included for good reason. Namely to protect the lenders interests. Nothing more, nothing less.