Handing in notice before purchase completion

Recko

Good afternoon all,

I have exchanged on a first purchase number of weeks ago and am completing on Mon 11th June 2018. Our lender have confirmed they are releasing funds in readiness on Fri 8th June 2018.

I have been job hunting and am looking to hand my notice in as soon as possible. I have been offered a new position and for mental health reasons need to hand in my notice ASAP as my notice period is 3 months.

Can I hand my notice in before 11 June and my mortgage unaffected? I will still be in employed by my employer effectively on this date.

I really can’t wait until then.

Kind regards,

Recko

John_Jones

As long as you inform your lender as soon as you hand in your notice you will have fulfilled your obligations.

It will probably result in the withdrawal of the offer, but to not do so is to commit mortgage fraud.

Slithery

John_Jones wrote: »

As long as you inform your lender as soon as you hand in your notice you will have fulfilled your obligations.

Not necessarily. When purchasing my first house I was sacked about a week before exchange, and then got a new job 2 days later. The mortgage company were fine with this. You do have to tell your lender about your change of situation though, to not do so would be fraud. The best thing to do is to wait until after completion before handing in your notice, before this there's always a chance they could pull the mortgage offer.

SG27

I cant see any reason to tell your lender you have given 3 months notice to your employer. I think people who saying its mortgagr fraud are being a bit pedantic. After all at completion you will still be employed by that same employer.

AnotherJoe

Cant you just hang on for a couple of weeks to take you over the completion date?

If its making you ill, go sick. Or take holiday?

Then hand in your notice once you've moved ?

John_Jones

SG27 wrote: »

I cant see any reason to tell your lender you have given 3 months notice to your employer. I think people who saying its mortgagr fraud are being a bit pedantic. After all at completion you will still be employed by that same employer.

Yes, the law is quite pedantic. You have to tell of any major change of circumstances, and leaving your job falls into that.

SG27

John_Jones wrote: »

Yes, the law is quite pedantic. You have to tell of any major change of circumstances, and leaving your job falls into that.

The OPs circumstances haven't changed. On completion he will still be in the same job.

G_M

SG27 wrote: »

The OPs circumstances haven't changed. On completion he will still be in the same job.

He will no longer have a permenant conract of employment.


I would not give notice till you've Completed. That resolves the issue.

need_an_answer

OP you say you have been offered another job,is it substantially different to your existing one?

and will there be a period of continual employment or will you be taking a leave between old job ending and new one beginning.

In my experience the mortgage companies like continuity.

John_Jones

SG27 wrote: »

The OPs circumstances haven't changed. On completion he will still be in the same job.

Well if you really believe that what is the harm in informing his lender?

You do not believe it, of course, you understand that it is a major change of circumstances.

martindow

Is there any possibility that your current employer would accept notice on June 11th if you explained the situation?


I was a teacher needing to give three months notice and the school accepted notice a few days late after the new school was slow formally offering the new job. They agreed that by the time the job had been advertised they would not be able to appoint someone already in post. It made no practical difference if notice was given on 31st May or early June.