Exchanged Contracts - Now being made redundant

ritz55

As others have said, keep quiet and carry on with completion. Once you have the house you can look to take on a lodger which can help towards the mortgage. 

NameUnavailable

You stand to take a substantial financial hit if you pull out now.

It surely makes sense to keep quiet and carry on, then work out what to do later. Assuming he can find another job but has to take a lesser wage, would the house still be affordable? OK you may need to cut back on luxuries/holidays for a while but you still have the investment in the property.

Otherwise it might be a case of staying as long as you can (at least 6 months) and then looking to sell, and buy something cheaper, taking in a lodger or maybe renting out and finding something to rent yourselves that's affordable.

I was told I was being made redundant from one job and then a few other people decided to leave off their own accord and I was then offered a promotion to stay on. Anything can happen.

lika_86

Has he been told he is being made redundant or that his role is at risk of redundancy?

funkyfriend

Hi everyone. Thanks so much for all your comments. 

If anyone’s seen the news today, my partner works for the steel company that’s closing its doors, and he is paid very well for it. We worry as there are 2500 other workers who will be looking for work at the same time as him and there won’t be any like for like work available. But the timelines we’ve been told at the minute say it could happen up until the end of the year, and we’re unsure on redundancy package yet as, like I said, we’re fairly young so his tenure is not that long, around 5/6 years. 

The developer we’re buying from does have other homes available for the same, as it happens our own next door neighbour plot is still up for sale. So the likelihood of us selling it quickly or the developers (if we pulled out) is not great. 

I think I agree with you all that we probably just need to stay quiet and go ahead, there’s not much we can do without being hugely impacted financially. My partner will be pursuing new work straight away and if he can find it we won’t bother waiting for redundancy, I’d rather have certainty over income. I can’t afford all the bills on my sole income however I’ve done my maths and figured out we can afford for him to take work at a much much lower salary. Whatever salary that is will then determine the kind of lifestyle we can live! But hopefully if he can get any work at all then we can pay the mortgage and not end up in a pickle. 

Martico

I'm so sorry for you both and for all of those in your community, it's pretty devastating news for all

housebuyer143

Redundancy is very stressful, and more so with this huge financial commitment hanging over you. 
I was made redundant last year and it was very upsetting but honestly, things worked out for the best and once the shock wears off you can look forward with a clear head. 
You never know where the future will take you but you are young and hopefully can find something just as good or better.

youth_leader

So very sorry to see your news, I agree not to mention it.  Wishing your husband the best of luck with his job hunting, everything will be alright in the end.  

Martico

I have to voice the fear that I'm sure you both already have - what future for the town and properties if the plant does close down? Might you end up better off taking the hit now? I can't pretend to understand your local economy better than you, but there's an argument, tough as it all is, for cutting your losses now. I wish you all the best, it's a horrible position to be put in

brianposter

Is there any reason why the OP should not ask the developer about the consequences if OP pulls out ?  Not every developer will insist on sticking to the contract.

k12479

funkyfriend said:

...my partner works for the steel company that’s closing its doors... 

Given the high profile this has, I wonder if the lender or solicitor has/will figure out the situation themselves.

brianposter said:

Not every developer will insist on sticking to the contract.

Likewise, given the high profile maybe the developer will be, or could be persuaded to be, flexible to those in this situation.