Emergency! Help please!

kitschy

Hey there

I was due to exchange on my new flat on Monday. I am putting £15k down on a £85 purchase price. My solicitor, who I work for, announced he was making me redundant yesterday, which is why he hasn't exchanged my flat, even though I have been ready for almost two weeks.

Fine, I thought last night, I will get 3 months salary at the end of this month, in normal pay and redundancy/holiday entitlement. Plus I have enough in savings to tide me over for an additional 3-4 months if necessary. I won't find it hard to get a new job, and if needs must, will temp or take something I don't really want long-term, just to get the bills paid.

So, I went in this morning and asked him to exchange, which he agreed to do. Get back from lunch and he announces he's told the Halifax I'm being made redundant, with the likely result of me losing my offer, and therefore the flat.:mad:

For starters, I'm mega peeved at him, as you can imagine, not for the Halifax thing, I wouldn't lend money to someone without a job either, but the way he put off my exchange, knowing what would happen, and for not telling me straight away about having to tell the mortgage peeps. If he wasn't my employer as well, I'm guessing it would have gone under the radar as my solicitor wouldn't have known.

My questions really are (a) if I can get a job offer off to the Halifax, how likely are they to reinstate my offer? and (b) would they let my parents guarantor me, as they are both retired, but have approx £25k in savings and a £250k house. And (c) any ideas?!!!

Sorry for waffling, any ideas or opinions would be very welcome.

lynzpower

All I can say there, is commiserations.

I would also say, although im sure its not what you want to hear, going into a mortgage without a job is really very very risky. So maybe, in a way, your employer has sort of done you a favour

I will say though, if I were in your shoes, Id walk out of my job NOW, and start hunting in earnst, every temp agency, every job board, just get on with it now.

Did you have a broker? Have you discussed this with them? they will know how halifax operates. I will suggest though that you are in a difficult position, as when I applied for my mortgage I had to show 6 months payslips, and a letter from my employer stating i was permanently employed... all lenders are differnet tho....

merlinthehappypig

Whilst this is all very unpleasant at least it happened now, rather than after exchange.

At worst you might have exchanged, then lost your job. I suspect the Halifax would have been well within their rights to have cancelled the mortgage offer leaving you committed to buying the flat without the ability. At best you would have lost your deposit. Your employer might have known this so he might have been looking after your interests. Then again, he might just be a git.

As lynzpower says there is no way that you should be taking on a mortgage at this stage. Get a new job and feel comfortable with your finances, then look again.

Many people on here feel that house prices are going to correct sharply & flats, especially new builds, are likely to be hit worst.

It might all be a blessing in disguise, but I appreciate that it won't look like it now & you have my sympathy.

I don't think that there is any way that the Halifax will keep the current offer open. It will have been based on your circumstances at the time and will have to be assessed again.

Richard_Webster

I assume you haven't actually exchanged. If you have then I would be throwing every book there was at that rat of a solicitor, because he should have advised you that he would have to tell Halifax you were being made you redundant and not let you exchange until they OK'd it.

merlinthehappypig

I'd assumed that she hadn't exchanged, but re-reading it it's not clear. I hope not.

haylibo

I would be straight onto the employment board to see whether anyone has any advice regarding the shoddy behaviour of your boss.

Debt_Free_Chick

Richard_Webster wrote: »

I assume you haven't actually exchanged. If you have then I would be throwing every book there was at that rat of a solicitor, because he should have advised you that he would have to tell Halifax you were being made you redundant and not let you exchange until they OK'd it.

Hi Richard

I also think that the solly has had a conflict of interest here. Surely, he has two separate roles - one as her solicitor for the house purchase and another as her employer.

As her solicitor, he surely "didn't know" that she was being made redundant. He only had that information as her employer.

I would not be at all happy .... he seems to have crossed the line here, but I guess there's no redress.

PasturesNew

What a rotter. A good employer, in my opinion, would have taken you aside and explained the situation. Then offered to wait until after completion to lay you off.... of course that'd probably be illegal, but in the bigger scheme of things worse things happen at sea.

And, to put things in perspective, you have a £15k deposit, leaving "only" a £70k mortgage. Quite easily paid for with a bit of frugal living and temping while looking for another job.

As the others have said: have you actually exchanged?

Did he exchange and dob you in?
Or just dob you in?

Update: Ah, just read the OP's history. That is a SO place. So £85k is only half the property. Gets trickier then.

kitschy

Hey

Sorry, have been out so couldn't reply earlier. I haven't exchanged. I have been ready to exchange since last Monday, so about 10 days ago, and kept badgering him to let me know when he wanted my money/how much he wanted. He kept putting me off, so it's now obvious he had it in mind all along. But, he's let me pay a £350.00 deposit to the builder, and a £400 valuation fee! So I'm £750 out of pocket. And have lost my job and home in the space of 24 hours!:eek:

I have the ability/funds available to pay the mortgage for the next 5-6 months. I'm not in any way worried about the ability to pay it.

I can also walk straight into a job as soon as my notice is done, a friend has offered me a position in their company, so although it's not what I'd like to do permanently, it's the same pay I'm on now, and I can get an offer letter to the Halifax showing I have been offered a permanent position, start date, salary, and there is no probation period. The broker thinks this might persuade them to reinstate the offer, so we'll see.

Do you reckon it's worth posting on the employment board in case he's broken some sort of rule?

Many thanks for all your replies, never fails to amaze me how many people are willing to help on here:o

Andy_Hamilton

He should have worked with your interests in mind (as a client) and should not have allowed you to spend the money for the deposit etc. I hope he does not ask for payment for the work he has not done and I hope his car windscreen receives a "stone chip" with a hammer.

kitschy

Sorry, probably being a plum, but can't see an employment board!