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Completing after next Wednesday

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Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    edited 20 March 2017 at 6:36PM
    dk5294 wrote: »
    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.

    I think that houses will spontaneously combust Thursday onwards when solicitors complete, so make sure your insurance is in place.

    An alternative theory, that nothing will happen because everyone knows its going to happen, and exactly when, seems risible to me. I suggest you go immediately to Lidl and stock up on value baked beans and bottled water.
    dk5294 wrote: »
    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.

    And your reasoning that those events will occur are ...... ?
  • Chanes
    Chanes Posts: 882 Forumite
    First Anniversary First Post Combo Breaker
    WHAT! You mean we are leaving the EU! When did that happen! I didn't know anything about it! I demand answers! You think they would have had a vote on such a thing!

    :)
  • poppy10_2
    poppy10_2 Posts: 6,575 Forumite
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    Penitent wrote: »
    I thought EU legislation became invalid either after we have a withdrawal agreement or two years after Article 50 is triggered.
    G_M is uncharacteristically talking nonsense.

    Much of the EU legislation has actually been enacted by our parliament and is now part of our legal system. Previously enacted laws stays in force even after leaving the EU until they are repealed by act of parliament.
    poppy10
  • shortcrust
    shortcrust Posts: 2,697 Forumite
    Combo Breaker First Post First Anniversary Newshound!
    Penitent wrote: »
    You know, I think I just realised that my sarcasm detector is on the blink again. :o

    At least you're not alone.:)
    poppy10 wrote: »
    G_M is uncharacteristically talking nonsense.

    Much of the EU legislation has actually been enacted by our parliament and is now part of our legal system. Previously enacted laws stays in force even after leaving the EU until they are repealed by act of parliament.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    poppy10 wrote: »
    G_M is uncharacteristically talking nonsense.

    Much of the EU legislation has actually been enacted by our parliament and is now part of our legal system. Previously enacted laws stays in force even after leaving the EU until they are repealed by act of parliament.

    Alert. Massive sense of humour failure detected.
  • juniordoc
    juniordoc Posts: 366 Forumite
    I think there is a risk regarding brexit but the risk has been there since summer, it only intensifies with greater financial uncertainty from next week.
    Now is a risky time to buy a house and an even riskier time to be overpaying for a house.
    If you add in that interest rates are soon to go up, if you have measly 5 or 10% deposit then you are seriously risking negative equity.
    Having said that, if you need to buy, you need to buy. Things are not going to get any calmer any time soon.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    First Anniversary Name Dropper First Post Photogenic
    juniordoc wrote: »
    I think there is a risk regarding brexit but the risk has been there since summer, it only intensifies with greater financial uncertainty from next week.
    Now is a risky time to buy a house and an even riskier time to be overpaying for a house.
    If you add in that interest rates are soon to go up, if you have measly 5 or 10% deposit then you are seriously risking negative equity.
    Having said that, if you need to buy, you need to buy. Things are not going to get any calmer any time soon.

    I think you'll find, as a member of the BoE rates committee, you are breaking the rules about revealing UK interest rates will be going up. Or perhaps you arent a member, and it was pillow talk? Still a sackable offence for your "partner" nudge nudge.
  • juniordoc
    juniordoc Posts: 366 Forumite
    Well rates can hardly go down can they?! It doesn't take a genius to predict what will happen next....
  • G_M
    G_M Posts: 51,977 Forumite
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    edited 20 March 2017 at 10:01PM
    poppy10 wrote: »
    Much of the EU legislation has actually been enacted by our parliament and is now part of our legal system. Previously enacted laws stays in force even after leaving the EU until they are repealed by act of parliament.
    On a more serious note (apologies to those whose sarcasm detectors were not set to maximum), yes, many EU laws have been incorporated into UK law via Primary Leglislation..

    However there are rafts and rafts of regulations issued by the EU which are only binding on us beause we have adopted various Treaties. They are therefore binding on us via Secondary Leglislation (eg The European Communities Act 1972 (ECA))

    When we leave the EU, those Treaties will be repealed, and consequently 1000s of regulations will vanish overnight unless Parliament takes action.

    http://researchbriefings.parliament.uk/ResearchBriefing/Summary/CBP-7867
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    First Anniversary Name Dropper First Post Photogenic
    juniordoc wrote: »
    Well rates can hardly go down can they?! It doesn't take a genius to predict what will happen next....

    Yes, rates could go down. Look at what happened in Japan.
    And there's zero incentive with Brexit looming, to raise rates.

    But, even if the next step was for rates to go up, its a long jump from "rates will go up" to rates will go up soon".

    And an even bigger jump to "rates will go up so much house prices will fall by 5 to 10%".
This discussion has been closed.
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