Changing closing date on morning sellers are due to sign

aodoneill

So myself & husband sale agreed on property since beginning of April , we always had in our head sale must happen mid July ( never actually expecting it to go on that long ) because my husband was made redundant finishing his last day on Friday 29th July but has another job to walk into on the following Monday 1st August , we agreed to 4th august to sign but realized his redundancy pay will show on his July payslip he’s paid monthly & receives payslip last day of the month so in this case Friday 29th July . Sellers are due in this morning to finally sign however we had to email auctioneer & our solicitor late last night to request sellers sign 22nd July and we allow them to live there until original closing date we planned of 4th august . What are your thoughts on this ? I’m loosing my mind with the stress

Former Former Former

I'm not sure there's any issue to worry about tbh.

If you want to close on August 4th, then your solicitor needs to request the funds AT LEAST a week before that. The bank won't be checking your latest payslip on closing day.

Akrasia

The one thing to be aware of, if you have unemployment cover on your Mortgage Protection policy, it may not cover your husband for 6 months if there's a break of 2 weeks between his end date and the startdate of the new role.

Check your policy terms and conditions

aodoneill

Thanks for your response ! So we called the auctioneer & our solicitor this morning . Our solicitor said to leave closing date as is , please god they sign today and she will withdraw the funds for our mortgage and hold it for 4th august . Panic over …. Sort of 🤣 I just really hope they sign today

Kurooi

If your bank requests more recent payslips, give then June. They're still 4 weeks in date which is acceptable. Give yours for June too to avoid tripping them off. IF they refuse those give them July but play dumb don't explain the amount.

Whatever you do , do not for the love of God tell your bank that your work, employment or circumstances changed. If you do this they will shut the whole deal.

As for expecting to close in 3 months or setting close date to stick to... Yeah it takes 3-6 months easy to close on a house and solicitors almost always get too optimistic on timelines. Your case is not unique you just have to endure. Push them .

3DataModem

Your solicitor may be able to drawdown early based on an undertaking, I wouldn't suggest it but hopefully they are savvy enough.

DON'T TELL YOUR BANK NO MATTER WHAT.

In 2018 I took redundancy during the application process, moved to a startup with a terrible salary, still got approval. Took 6 months to close, literally a week prior to the loan approval expiring. Thank f**k Ulster Bank don't look for final payslip, or I might have had to do something drastic.