Shared Ownership/Financial Concerns (advice needed)!

Dcoates93

Good evening all, 
I have found myself in some tricky circumstances, which may seem rather minor in current environment, however financially for us at least, it could be quite damaging. 
Essentially, we had our first child in November and from this point have been looking at trying to find a more secure home, as we currently rent privately and this is not ideal for security, etc. Unfortunately, due to my income (at the moment), as well as the area that I live in, full house purchase is well out of reach. As such, we at this point in November found a shared ownership property that we liked, that was still being built and completion was due at the end of the March, with snagging etc taking a few weeks after this. The expectation was therefore that we would complete in late April and move in early May.  As such, as part of the process I got a mortgage offer in December for the share we needed and this is valid until the 12th of June.  I should confirm at this point it is with TSB on a 2 Year Fixed.  I should add that the developer have recently sent the contracts my solicitor, however I have not exchanged contracts yet. The developer have said they will be supportive of my decision regardless.  They have agreed in current circumstances, to suspend my rental payments for 3 months too if we do complete. 

As a result of the ongoing pandemic however, work on the site was stopped and the house will no longer be snagged. They have provided me a list of what is outstanding, and it is all very minor. They have also guaranteed that this will be completed as soon as physically possible and that any defects that we note in this period, they will fix too (this would actually be over a number of years that they would do so, but the reassurances are there anyway). As per the above, we also currently rent, for around £600 pm, with rent and mortgage of the new property being around £350 per month, so quite a significant drop. Bills would be very similar, as currently a 2 bed room flat vs. what will be a 2 bed room house. As such, I feel a little bit stuck between multiple options as to what to do. The pandemic has also caused my driving lessons to be suspended, which would help me get to work at the new home, but that should not be a massive factor. Lastly, my current role is in financial services and as a result of the virus, there has been (what I think will be temporary) down turn in the business, and as such, I suspect that a number of staff (possibly myself will be furloughed for the foreseeable future) with the scheme running until 30/05/20. Should lock down continue past this date, I imagine that the scheme will be extended. I am not overly happy about it, because the fall in income for us is quite significant at the moment, and the anxiety for the future is going to take a terrible toll on my mental health, however I am lucky in that I am still employed as the financial damage for all during this period will be damaging.

I think that should be pretty much everything, however let me know if any information is missing. I have run through a few scenarios in my mind, but I am not so sure. These are what I have thought of, if there is anything obvious I have missed, let me know.

1. Complete as soon as possible, likely end of April and move in as soon as possible. I do not ideally want to move during lock down, as we are as concerned as anyone about the virus and helping the NHS. I would however need to use a company due to current circumstances, but I would make sure to observe social distancing for the move.  I believe we can pay the bills even if I am on furlough, but I am worried about the mortgage offer nonetheless. 
2.  Stick where we are, drag out the process for as long as possible until we have some more security (hopefully) and things have improved a bit. My worry there is that I lose my job at the end of May, and therefore everything will no longer happen due to affordability of the mortgage. This would essentially be delaying completion. As our offer runs out on the 12th of June, I would hope to be able to get an extension if required. I think the lender TSB provides a 128 day extension if you cannot complete.  
3.  Complete the purchase ASAP but stay where we are paying the associated bills - do I need to pay council tax at the new property if I do not live there? When things have improved, we can look to move over & cease the living here.  I do not think this would be sustainable over a long period, though. 
4. Pull out of the transaction now, losing the associated solicitors fees, deposit, etc. 

I hope this is clear, but really looking for some help.