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Redundancy after exchange but before completion
Comments
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What is your line of work? Is your job secure? What is your partners line of work? Will he/she be entering a crowded job market or one that their skills and experience will make it easy to get another job? I thought my job was 99% secure until Covid hit, now not so much, on furlough and waiting for the reduced hours to be offered (or redundancy).
You are supposed to tell them - think about the worst, worst, worst (cant say that enough!) case scenario and then decide.0 -
I work in a phone shop and I'm very confident my job is safe. She worked in the food industry but doesn't really care what she next job is0
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cantthinkofaun said:I work in a phone shop and I'm very confident my job is safe. She worked in the food industry but doesn't really care what she next job is0
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sgun said:cantthinkofaun said:I work in a phone shop and I'm very confident my job is safe. She worked in the food industry but doesn't really care what she next job is0
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I was under the impression that the redundancy process / consultation takes a while, you don't just become redundant within 24 hours.
It may well be that actual redundancy takes place after completion.0 -
You will lose 10% deposit if your mortgage is pulled and the purchase fails.
You can afford the property in any event and if her job was towards the lower end of wages another job will come along
Just enjoy your place and pay your mortgage - thats all you need to think about
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My niece and her husband were in the same predicament last autumn - a big company went into administration and her husband was made redundant.
They also considered not saying but due to it being such a publisised business collapse they did. He was encouraged to find any paying job within the month and they said they would be happy.
Luckily he found something that paid £4 less than previous post and it all worked out for them. But this was even tho my nieces wage could of covered the mortgage and financially they were better off in the new home than their old home they did require him to find employment. My niece could also of easily increased her hours and increased her wage but they recommended he find any employment instead- however they didn't specify the repercussions if he didn't find employment withing the 4 weeks.
Best to have a chat and see what options are available.0 -
Simon20203 said:My niece and her husband were in the same predicament last autumn - a big company went into administration and her husband was made redundant.
They also considered not saying but due to it being such a publisised business collapse they did. He was encouraged to find any paying job within the month and they said they would be happy.
Luckily he found something that paid £4 less than previous post and it all worked out for them. But this was even tho my nieces wage could of covered the mortgage and financially they were better off in the new home than their old home they did require him to find employment. My niece could also of easily increased her hours and increased her wage but they recommended he find any employment instead- however they didn't specify the repercussions if he didn't find employment withing the 4 weeks.
Best to have a chat and see what options are available.
If the OP hadn't exchanged, the vast majority would be saying they absolutely must tell their lender.2024 wins: *must start comping again!*1 -
cantthinkofaun said:If we tell the bank and they withdraw the offer would be get our deposit back?No free lunch, and no free laptop2
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CheesyWiggles said:sgun said:cantthinkofaun said:I work in a phone shop and I'm very confident my job is safe. She worked in the food industry but doesn't really care what she next job is
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