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Redundancy after exchange but before completion

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Comments

  • sgun
    sgun Posts: 725 Forumite
    Part of the Furniture 500 Posts Name Dropper
    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. 
  • 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
  • sgun
    sgun Posts: 725 Forumite
    Part of the Furniture 500 Posts Name Dropper
    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
    Honestly, in that case I would think very carefully about what you do. The probability of hundreds of thousands of people being made redundant in the next couple of months is massive. It doesn't sound like she had a specialist job so competition will be intense for what she will be looking for. FWIW I was also very confident that my job was safe. My job is quite specialist though and I already have a couple of headhunting offers on the table if I was made redundant. Does she have that?
  • sgun 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
    Honestly, in that case I would think very carefully about what you do. The probability of hundreds of thousands of people being made redundant in the next couple of months is massive. It doesn't sound like she had a specialist job so competition will be intense for what she will be looking for. FWIW I was also very confident that my job was safe. My job is quite specialist though and I already have a couple of headhunting offers on the table if I was made redundant. Does she have that?
    Look at Mr/Mrs fancy pants and their headhunting offers! Seriously though, they’ve exchanged - what options do you realistically think they have? If their contract is like 99% of contracts they’ll lose their deposit.
  • MysteryMe
    MysteryMe Posts: 3,448 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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. 
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    500 Posts Third Anniversary Photogenic Name Dropper
    edited 28 May 2020 at 10:17PM
    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 
  • Simon20203
    Simon20203 Posts: 19 Forumite
    10 Posts
    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. 
  • hazyjo
    hazyjo Posts: 15,475 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 28 May 2020 at 9:20PM
    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. 
    Had they exchanged though, as it doesn't sound like it.

    If the OP hadn't exchanged, the vast majority would be saying they absolutely must tell their lender.
    2024 wins: *must start comping again!*
  • macman
    macman Posts: 53,129 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If we tell the bank and they withdraw the offer would be get our deposit back?
    Absolutely not. You have already committed to buy at exchange, and will be in breach of contract. Vendor can and will sue you for all costs incurred.
    No free lunch, and no free laptop ;)
  • sgun
    sgun Posts: 725 Forumite
    Part of the Furniture 500 Posts Name Dropper
    sgun 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
    Honestly, in that case I would think very carefully about what you do. The probability of hundreds of thousands of people being made redundant in the next couple of months is massive. It doesn't sound like she had a specialist job so competition will be intense for what she will be looking for. FWIW I was also very confident that my job was safe. My job is quite specialist though and I already have a couple of headhunting offers on the table if I was made redundant. Does she have that?
    Look at Mr/Mrs fancy pants and their headhunting offers! Seriously though, they’ve exchanged - what options do you realistically think they have? If their contract is like 99% of contracts they’ll lose their deposit.
    So your take on me probably losing my job is to be insulting? I think I know what sort of person you are. I am giving advice based on life experience. There isn't any "fancy pants" about it. Myself and my husbands combined wage works out just about at living wage, sometimes less as he is self employed. My advice to the OP was - don't be too complacent with your job. Don't imagine that another job will be easy to come by. Perhaps read my post again and see what I was getting at. This isn't Facebook! 

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