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    • MattJones30
    • By MattJones30 13th Jul 18, 9:19 PM
    • 4Posts
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    MattJones30
    Redundancy after exchange
    • #1
    • 13th Jul 18, 9:19 PM
    Redundancy after exchange 13th Jul 18 at 9:19 PM
    I wonder if anyone can help.

    I was made redundant about a week after exchanging contracts for the sale of my flat.

    Ideally, it would be better for me to keep the flat. The mortgage is relatively low, and can be covered by me for many years.

    If I sell, I will not be able to buy another property. I will therefore be left with a large cash sum from the sale of the flat. That sum would accrue more value if it was invested in the flat. I could potentially also ‘rent’ the flat to friends or family to generate a small income.

    Two questions, if you can help I’d be very grateful —

    1/ what is pulling out of the sale post-exchange likely to cost me, the seller?

    2/ can my employer, a large global corporation, be made to cover the costs incurred by me pulling out of the sale?

    Many thanks!
Page 1
    • anniecave
    • By anniecave 13th Jul 18, 9:26 PM
    • 2,252 Posts
    • 733 Thanks
    anniecave
    • #2
    • 13th Jul 18, 9:26 PM
    • #2
    • 13th Jul 18, 9:26 PM
    I'm assuming your (ex) employer is not the (potential) new purchaser of the property?


    If the proposed sale is to a third party not connected with your employer, then I would imagine, assuming you have solicitors, they would be the best people to consult as to the potential costs of a lost sale. Do you live in Scotland or England/Wales as this would make a difference?


    I wouldn't imagine your employers have any liabilities at all in connection with this unless they are a party to the sale.
    Indecision is the key to flexibility.
    • Slithery
    • By Slithery 13th Jul 18, 9:32 PM
    • 984 Posts
    • 1,577 Thanks
    Slithery
    • #3
    • 13th Jul 18, 9:32 PM
    • #3
    • 13th Jul 18, 9:32 PM
    1/ what is pulling out of the sale post-exchange likely to cost me, the seller?
    Originally posted by MattJones30
    No one can say without knowing the exact details of your sale, but you would be liable for any costs required to put your purchaser back into their same, pre-buying situation. This could include storage costs for all of their possessions and paying for all of their renting or hotel costs until they complete on a new property, maybe even the difference in price between your property and what it would now cost them to purchase a similar one if the market rises. You might be looking at 10's of thousands at a minimum.

    2/ can my employer, a large global corporation, be made to cover the costs incurred by me pulling out of the sale?
    No.
    Last edited by Slithery; 13-07-2018 at 9:35 PM.
    • MattJones30
    • By MattJones30 13th Jul 18, 9:32 PM
    • 4 Posts
    • 0 Thanks
    MattJones30
    • #4
    • 13th Jul 18, 9:32 PM
    • #4
    • 13th Jul 18, 9:32 PM
    Yes, I feared the employer would have no responsibility. Indeed the sale is a personal matter and the employer is not involved.

    I live in England.

    Thank you for your help.
    • MattJones30
    • By MattJones30 13th Jul 18, 9:39 PM
    • 4 Posts
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    MattJones30
    • #5
    • 13th Jul 18, 9:39 PM
    • #5
    • 13th Jul 18, 9:39 PM
    Thank you.

    Tens of thousands is certainly not an amount I can consider. I will call my solicitor in the morning.

    Some bad luck I suppose, probably best for me to see the sale through and review my career options. One day I will hope to be in a position to secure a mortgage again.

    Thanks again.
    • LilElvis
    • By LilElvis 13th Jul 18, 9:40 PM
    • 3,910 Posts
    • 10,577 Thanks
    LilElvis
    • #6
    • 13th Jul 18, 9:40 PM
    • #6
    • 13th Jul 18, 9:40 PM
    Where were you planning on moving to after the sale of your flat? Have you exchanged contracts on another property?
    • MattJones30
    • By MattJones30 13th Jul 18, 9:44 PM
    • 4 Posts
    • 0 Thanks
    MattJones30
    • #7
    • 13th Jul 18, 9:44 PM
    • #7
    • 13th Jul 18, 9:44 PM
    I!!!8217;ll have to move in with family while I either take another job in my current field, or retrain. Luckily I haven!!!8217;t taken any steps to buy another property.
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