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Completing after next Wednesday

So on the back of the news that Theresa May will be triggering article 50 next Wednesday, will this impact home purchases after this date?

Sorry if it sounds really silly but it's worrying.

I will also add I'm not looking for a political debate, just wondering if this process will affect wheels already in motion.
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Comments

  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    dk5294 wrote: »
    Sorry if it sounds really silly but it's worrying.
    It does sound really silly. It's not worrying. Everybody already knows it's going to happen.
  • kingstreet
    kingstreet Posts: 38,724 Forumite
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    File under "news already discounted by the market." As david says this has been coming for months and is no surprise to anyone.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
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    If your after a discount, the vendor will likely laugh in your face and tell you where to go
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • Why would it?:huh::huh::huh:
  • dk5294
    dk5294 Posts: 178 Forumite
    Obviously we knew it was coming. I've not been living under a rock. There wasn't a date in place and there's been so many arguments surrounding it, there was no guarantee it would be triggered in the next month, let alone 10 days.

    I am not looking for a discount. More worried that lenders will now be considered about the house not being worth as much as previously stated and hiking up interest rates or withdrawing mortgage offers.
  • dk5294
    dk5294 Posts: 178 Forumite
    *concerned
  • shortcrust
    shortcrust Posts: 2,697 Forumite
    Combo Breaker First Post First Anniversary Newshound!
    dk5294 wrote: »
    Obviously we knew it was coming. I've not been living under a rock. There wasn't a date in place and there's been so many arguments surrounding it, there was no guarantee it would be triggered in the next month, let alone 10 days.

    I am not looking for a discount. More worried that lenders will now be considered about the house not being worth as much as previously stated and hiking up interest rates or withdrawing mortgage offers.

    It's been clear it would be by the end of March for ages. This will have zero effect for now.

    I understand the concern. The offer I made on my house was accepted the week before the Brexit vote and it panicked me. But here I am, enjoying the sunshine in my lovely house.
  • G_M
    G_M Posts: 51,977 Forumite
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    edited 20 March 2017 at 4:58PM
    I think the posters above have missed the point.

    Once article 50 is triggered all European leglislation will cease to bind the UK.

    Contracts Exchanged or Completed after that date will be invalid until such time as Parliament either negotiates new agreements with the EU, or passes new leglislation to replace EU laws with UK laws.

    All property insurance policies will become void (until such time etc etc).

    Mortgage contracts likewise.

    It will take about 2 years for all this to happen during which time property sales will have to go on hold.

    Provided you Complete before Wednesday, you'll be fine.
  • Cheeky_Monkey
    Cheeky_Monkey Posts: 2,072 Forumite
    Nice one G_M :rotfl::rotfl::rotfl:
  • Red-Squirrel_2
    Red-Squirrel_2 Posts: 4,341 Forumite
    G_M wrote: »
    I think the posters above have missed the point.

    Once article 50 is triggered all European leglislation will cease to bind the UK.

    Contracts Exchanged or Completed after that date will be invalid until such time as Parliament either negotiates new agreements with the EU, or passes new leglislation to replace EU laws with UK laws.

    All property insurance policies will become void (until such time etc etc).

    Mortgage contracts likewise.

    It will take about 2 years for all this to happen during which time property sales will have to go on hold.

    Provided you Complete before Wednesday, you'll be fine.

    I hope you realise what you've done with this post! :rotfl:
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