Exchanged Contracts - Now being made redundant

lika_86

user1977 said:

lika_86 said:

Rhubarbium said:

I can’t see them realising and withdrawing the offer in the timescales you’ve got to completion. 

It doesn't really matter if they realise and withdraw the offer within the time before completion, if they realise at any point after completion and decide to look into it and consider that the OP should have told them but didn't then the OP could find themselves facing a criminal investigation for fraud.

In theory, yes, but the lender is unlikely to be interested in it after completion unless they later repossess and suffer a shortfall - and I can't see the CPS treating something like this as a priority for prosecution.

High profile mass redundancies in a community which won't just be able to absorb all those jobseekers elsewhere and as the OP says, unlikely to be on a similar salary, in a situation where the mortgage was taken on the basis of two salaries, it sounds like affordability might really be an issue here. Personally I think I'd rather be proactive here and try and get out of buying if possible rather than take the risk not only of not being able to afford it but also of having lied to my lender. 

london21

Continue can get another job. 

You are already so far into the process. After exchanging can't really back out without huge penalty costs. 

Rhubarbium

lika_86 said:

user1977 said:

lika_86 said:

Rhubarbium said:

I can’t see them realising and withdrawing the offer in the timescales you’ve got to completion. 

It doesn't really matter if they realise and withdraw the offer within the time before completion, if they realise at any point after completion and decide to look into it and consider that the OP should have told them but didn't then the OP could find themselves facing a criminal investigation for fraud.

In theory, yes, but the lender is unlikely to be interested in it after completion unless they later repossess and suffer a shortfall - and I can't see the CPS treating something like this as a priority for prosecution.

High profile mass redundancies in a community which won't just be able to absorb all those jobseekers elsewhere and as the OP says, unlikely to be on a similar salary, in a situation where the mortgage was taken on the basis of two salaries, it sounds like affordability might really be an issue here. Personally I think I'd rather be proactive here and try and get out of buying if possible rather than take the risk not only of not being able to afford it but also of having lied to my lender. 

There’s no ‘lying to the lender’ as at this moment in time there is no definite redundancy to inform them of. There is the threat of redundancy that is going to go through a period of  consultation before anyone is made redundant. 

lika_86

Rhubarbium said:

lika_86 said:

user1977 said:

lika_86 said:

Rhubarbium said:

I can’t see them realising and withdrawing the offer in the timescales you’ve got to completion. 

It doesn't really matter if they realise and withdraw the offer within the time before completion, if they realise at any point after completion and decide to look into it and consider that the OP should have told them but didn't then the OP could find themselves facing a criminal investigation for fraud.

In theory, yes, but the lender is unlikely to be interested in it after completion unless they later repossess and suffer a shortfall - and I can't see the CPS treating something like this as a priority for prosecution.

High profile mass redundancies in a community which won't just be able to absorb all those jobseekers elsewhere and as the OP says, unlikely to be on a similar salary, in a situation where the mortgage was taken on the basis of two salaries, it sounds like affordability might really be an issue here. Personally I think I'd rather be proactive here and try and get out of buying if possible rather than take the risk not only of not being able to afford it but also of having lied to my lender. 

There’s no ‘lying to the lender’ as at this moment in time there is no definite redundancy to inform them of. There is the threat of redundancy that is going to go through a period of  consultation before anyone is made redundant. 

The problem is here the scale. This is not a case of a department cutting headcount by say 40% and people not being sure whether it will affect them or not. As far as I understand from the limited stuff I've read on this, they're basically talking about closure apart from in certain limited parts of the business. Of course it may not happen and a rescue deal may come through but the thing here is that the obligation is usually to tell them if you know or anticipate changes to your financial situation. Here, I think it would be fair to argue that unless you were in one of those limited areas of the business that they have said will continue to operate, then you probably should anticipate redundancy.

EssexHebridean

Rhubarbium said:

lika_86 said:

user1977 said:

lika_86 said:

Rhubarbium said:

I can’t see them realising and withdrawing the offer in the timescales you’ve got to completion. 

It doesn't really matter if they realise and withdraw the offer within the time before completion, if they realise at any point after completion and decide to look into it and consider that the OP should have told them but didn't then the OP could find themselves facing a criminal investigation for fraud.

In theory, yes, but the lender is unlikely to be interested in it after completion unless they later repossess and suffer a shortfall - and I can't see the CPS treating something like this as a priority for prosecution.

High profile mass redundancies in a community which won't just be able to absorb all those jobseekers elsewhere and as the OP says, unlikely to be on a similar salary, in a situation where the mortgage was taken on the basis of two salaries, it sounds like affordability might really be an issue here. Personally I think I'd rather be proactive here and try and get out of buying if possible rather than take the risk not only of not being able to afford it but also of having lied to my lender. 

There’s no ‘lying to the lender’ as at this moment in time there is no definite redundancy to inform them of. There is the threat of redundancy that is going to go through a period of  consultation before anyone is made redundant. 

Unfortunately many lenders have a condition in their offer terms that things like “possible redundancy” are disclosable. Not mentioning it would be seen as lying by omission, and “failure to disclose”. If this was a small business that had mentioned in conversation to an employee that redundancies were a possibility, then it might be possible to ask them to please “forget” that conversation for a few weeks, at which point (and after completion) it could be officially had again “on the record” - but this case is very far from that scenario. 

user1977

Rhubarbium said:

lika_86 said:

user1977 said:

lika_86 said:

Rhubarbium said:

I can’t see them realising and withdrawing the offer in the timescales you’ve got to completion. 

It doesn't really matter if they realise and withdraw the offer within the time before completion, if they realise at any point after completion and decide to look into it and consider that the OP should have told them but didn't then the OP could find themselves facing a criminal investigation for fraud.

In theory, yes, but the lender is unlikely to be interested in it after completion unless they later repossess and suffer a shortfall - and I can't see the CPS treating something like this as a priority for prosecution.

High profile mass redundancies in a community which won't just be able to absorb all those jobseekers elsewhere and as the OP says, unlikely to be on a similar salary, in a situation where the mortgage was taken on the basis of two salaries, it sounds like affordability might really be an issue here. Personally I think I'd rather be proactive here and try and get out of buying if possible rather than take the risk not only of not being able to afford it but also of having lied to my lender. 

There’s no ‘lying to the lender’ as at this moment in time there is no definite redundancy to inform them of. There is the threat of redundancy that is going to go through a period of  consultation before anyone is made redundant. 

It’s a material change of circumstances, unless you’re arguing that the news would have made no difference to the decision to lend.

EssexHebridean

…and if it will make no difference to the decision, disclosing it would not be an issue in any case! 

GDB2222

One possible ray of sunlight - This contract was signed 4 months ago. For such long term contracts, it is possible that your solicitor was able to arrange a ‘redundancy clause' with the seller. Could I suggest that you have a look?

silvercar

Rhubarbium said:

lika_86 said:

user1977 said:

lika_86 said:

Rhubarbium said:

I can’t see them realising and withdrawing the offer in the timescales you’ve got to completion. 

It doesn't really matter if they realise and withdraw the offer within the time before completion, if they realise at any point after completion and decide to look into it and consider that the OP should have told them but didn't then the OP could find themselves facing a criminal investigation for fraud.

In theory, yes, but the lender is unlikely to be interested in it after completion unless they later repossess and suffer a shortfall - and I can't see the CPS treating something like this as a priority for prosecution.

High profile mass redundancies in a community which won't just be able to absorb all those jobseekers elsewhere and as the OP says, unlikely to be on a similar salary, in a situation where the mortgage was taken on the basis of two salaries, it sounds like affordability might really be an issue here. Personally I think I'd rather be proactive here and try and get out of buying if possible rather than take the risk not only of not being able to afford it but also of having lied to my lender. 

There’s no ‘lying to the lender’ as at this moment in time there is no definite redundancy to inform them of. There is the threat of redundancy that is going to go through a period of  consultation before anyone is made redundant. 

I agree. There is no definite redundancy currently. There is always a chance the government will step in.

diego_94

This is why you never exchange contracts that far in advance.