Furlough - should I inform the lender now or wait until I have more information?

Thrugelmir

MWT said:

Thrugelmir said:

Nobody is holding a gun to someone's head and forcing them to sign on the dotted line.  If there's no back up plan then one has to accept the risk. All one needs to do is be as bloody minded as the developer. Negotiate hard. 

The 'gun' for a number of people has been the changes in 'Help to Buy', but yes, the OP knows the risk.

Unless the developer feels they have problems finding buyers there really isn't much the FTB can do to 'negotiate hard' though, it is a sellers market on a lot of these new developments.

If a development is popular. Then a long stop shouldn't be an issue. Bottom line is that it's in the interest of the developer to finish the plot and get paid. The reluctance to grant a long stop suggests that the developer didn't want to committ. As a potential buyer that would have concerned me.  

pinkcloud17

Thrugelmir said:

MWT said:

Thrugelmir said:

Nobody is holding a gun to someone's head and forcing them to sign on the dotted line.  If there's no back up plan then one has to accept the risk. All one needs to do is be as bloody minded as the developer. Negotiate hard. 

The 'gun' for a number of people has been the changes in 'Help to Buy', but yes, the OP knows the risk.

Unless the developer feels they have problems finding buyers there really isn't much the FTB can do to 'negotiate hard' though, it is a sellers market on a lot of these new developments.

If a development is popular. Then a long stop shouldn't be an issue. Bottom line is that it's in the interest of the developer to finish the plot and get paid. The reluctance to grant a long stop suggests that the developer didn't want to committ. As a potential buyer that would have concerned me.  

The area is popular and they did have other buyers lined up so I was given the choice of take it or leave it.

ACG

pinkcloud17 said:

ACG said:

You have a duty to tell the lender, but I dont think there is anything to say when you should tell them other than before you complete. By holding off you are buying yourself some time for the situation to work itself out. I do not use Barclays, I hate using them so have no idea what their process is. 

I would be more concerned about the builder than I would the lender. If you cant complete, where does that leave your deposit? 

Thanks. See above re the deposit. 
Just out of interest, why do you hate using Barclays?
I don't know anything about them, but from the research I have done myself they seem to be one of the very few lenders at the moment who are counting the 80% furlough so I'm holding onto that hope.

Barclays have a large department that are based in India. It feels like they read from a script and as soon as something does not fit the normal process it is like banging your head against a brick wall. I get more sense from my 3 year old. It is typically this department we have to deal with when things go wrong... That is your brokers problem though not yours - and that is why we do not use them.