Just lost my job on the day of contract exchange for first house

caprikid1

"Advise of a good mortgage broker here will be very valuable."

Yes but if you are using one... not the one you are using as they will be duty bound to tell the lender.

My Partner did a Job swap at the same time as exchange, it was fine but salary was like for like.

secla

If you have already exchanged and are at risk of losing your 20% deposit i think everyone in the same shoes would keep quiet and carry on.
If you havnt yet exchanged then as said you could delay or pull out depending on what your onward working options are

eddddy

Also, bear in mind that if you tell your solicitor about your job loss, they will be duty-bound to tell your mortgage lender.

MultiFuelBurner

So what did you do Stephen with a PH?

YoungBlueEyes

Made me smile that that meme is still around  

Flugelhorn

secla said:

If you have already exchanged and are at risk of losing your 20% deposit i think everyone in the same shoes would keep quiet and carry on.
If you havnt yet exchanged then as said you could delay or pull out depending on what your onward working options are

 it woudn't be the straight 20% - it would be whatever was in the contract (usually 10%) but then anyone else in the chain can claim expenses etc .

US companies can be fairly brutal like this - happened to a relative, all going well and it was a complete shock - and they just managed to do it before being eligible for any redundancy pay

fewcloudy

@caprikid1

I would ask (or move this question) over on Mortgage & Endowments page, because although there are questions on employment law etc. the main issue is what you will do about your Mortgage offer.

Herzlos

That's not how it works int the UK - you need to be given notice and consultation. So I wouldn't tell anyone regarding the house move because legally the redundancy hasn't happened yet.

Flugelhorn

Herzlos said:

That's not how it works int the UK - you need to be given notice and consultation. So I wouldn't tell anyone regarding the house move because legally the redundancy hasn't happened yet.

Presumably of the organisation is of a certain size they have to be advised of the risk of redundancy and then due process followed - sounds like US company ignoring this 

Gavin83

Herzlos said:

That's not how it works int the UK - you need to be given notice and consultation. So I wouldn't tell anyone regarding the house move because legally the redundancy hasn't happened yet.

I'm quoting you as it was the closest post but several people have pitched this but is it true? Are employment laws based on the country the employer is based in or the employee? Logically it seems to me it would be based on the employers location and the location of the employee is largely irrelevant. If employers had to follow the employees local employment laws then I very much doubt any company would bother hiring someone abroad.

Besides, even if it was true they had to follow UK employment laws how would you even enforce it? You couldn't take them to court in the UK, they have no jurisdiction over the US and in all honesty the company wouldn't turn up and you'd have no way of enforcing any outcome of the case. I also suspect you'd struggle to take a US company to a US court to uphold British employment laws that don't exist in the US.

I'd be very surprised if you chose to get a job with a foreign company that their local rules didn't apply. I'm also actually quite surprised the bank didn't have a problem with the foreign employment from the start.

In answer to the question at hand I agree with some of the others. In your shoes I just wouldn't say anything and let the sale go through. The other option, assuming you haven't yet exchanged is to pull out. You'll only lose the money you've already spent (presumably a few thousand) but it is certainly a kick in the teeth of your vendor and of course you'll lose the house. If you have exchanged then you should 100% keep quiet. That includes not telling the solicitor.