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  • FIRST POST
    • dk5294
    • By dk5294 20th Mar 17, 2:38 PM
    • 167Posts
    • 19Thanks
    dk5294
    Completing after next Wednesday
    • #1
    • 20th Mar 17, 2:38 PM
    Completing after next Wednesday 20th Mar 17 at 2:38 PM
    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.
Page 1
    • davidmcn
    • By davidmcn 20th Mar 17, 2:40 PM
    • 5,399 Posts
    • 5,091 Thanks
    davidmcn
    • #2
    • 20th Mar 17, 2:40 PM
    • #2
    • 20th Mar 17, 2:40 PM
    Sorry if it sounds really silly but it's worrying.
    Originally posted by dk5294
    It does sound really silly. It's not worrying. Everybody already knows it's going to happen.
    • Penitent
    • By Penitent 20th Mar 17, 2:42 PM
    • 1,221 Posts
    • 3,570 Thanks
    Penitent
    • #3
    • 20th Mar 17, 2:42 PM
    • #3
    • 20th Mar 17, 2:42 PM
    No. All the trigger is is an official announcement that we intend to leave the EU in two years. Nothing has really changed (yet).
    • kingstreet
    • By kingstreet 20th Mar 17, 2:43 PM
    • 31,566 Posts
    • 16,860 Thanks
    kingstreet
    • #4
    • 20th Mar 17, 2:43 PM
    • #4
    • 20th Mar 17, 2:43 PM
    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
    • By csgohan4 20th Mar 17, 2:55 PM
    • 3,566 Posts
    • 2,239 Thanks
    csgohan4
    • #5
    • 20th Mar 17, 2:55 PM
    • #5
    • 20th Mar 17, 2:55 PM
    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"
    • moneyistooshorttomention
    • By moneyistooshorttomention 20th Mar 17, 3:19 PM
    • 12,787 Posts
    • 35,144 Thanks
    moneyistooshorttomention
    • #6
    • 20th Mar 17, 3:19 PM
    • #6
    • 20th Mar 17, 3:19 PM
    Why would it?
    ploughing my own furrow...the rain begins with a single drop...

    #I'mWithNoel
    • dk5294
    • By dk5294 20th Mar 17, 3:35 PM
    • 167 Posts
    • 19 Thanks
    dk5294
    • #7
    • 20th Mar 17, 3:35 PM
    • #7
    • 20th Mar 17, 3:35 PM
    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
    • By dk5294 20th Mar 17, 3:36 PM
    • 167 Posts
    • 19 Thanks
    dk5294
    • #8
    • 20th Mar 17, 3:36 PM
    • #8
    • 20th Mar 17, 3:36 PM
    *concerned
    • shortcrust
    • By shortcrust 20th Mar 17, 3:39 PM
    • 1,252 Posts
    • 1,539 Thanks
    shortcrust
    • #9
    • 20th Mar 17, 3:39 PM
    • #9
    • 20th Mar 17, 3:39 PM
    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.
    Originally posted by dk5294
    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
    • By G_M 20th Mar 17, 3:51 PM
    • 40,083 Posts
    • 45,772 Thanks
    G_M
    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.
    Last edited by G_M; 20-03-2017 at 3:58 PM.
    • Penitent
    • By Penitent 20th Mar 17, 4:17 PM
    • 1,221 Posts
    • 3,570 Thanks
    Penitent
    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.
    Originally posted by G_M
    I thought EU legislation became invalid either after we have a withdrawal agreement or two years after Article 50 is triggered.
    • Cheeky_Monkey
    • By Cheeky_Monkey 20th Mar 17, 5:25 PM
    • 1,180 Posts
    • 2,207 Thanks
    Cheeky_Monkey
    Nice one G_M
    • Red-Squirrel
    • By Red-Squirrel 20th Mar 17, 5:28 PM
    • 1,400 Posts
    • 3,483 Thanks
    Red-Squirrel
    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.
    Originally posted by G_M
    I hope you realise what you've done with this post!
    • AnotherJoe
    • By AnotherJoe 20th Mar 17, 5:32 PM
    • 6,824 Posts
    • 7,243 Thanks
    AnotherJoe
    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.
    Originally posted by dk5294
    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.

    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.
    Originally posted by dk5294
    And your reasoning that those events will occur are ...... ?
    Last edited by AnotherJoe; 20-03-2017 at 5:36 PM.
    • Chanes
    • By Chanes 20th Mar 17, 5:35 PM
    • 841 Posts
    • 522 Thanks
    Chanes
    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!

    • Penitent
    • By Penitent 20th Mar 17, 5:35 PM
    • 1,221 Posts
    • 3,570 Thanks
    Penitent
    Nice one G_M
    Originally posted by Cheeky_Monkey
    I hope you realise what you've done with this post!
    Originally posted by Red-Squirrel
    You know, I think I just realised that my sarcasm detector is on the blink again.
    • poppy10
    • By poppy10 20th Mar 17, 7:01 PM
    • 5,867 Posts
    • 7,112 Thanks
    poppy10
    I thought EU legislation became invalid either after we have a withdrawal agreement or two years after Article 50 is triggered.
    Originally posted by Penitent
    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.
    This post is sponsored by MoneySupermarket
    • shortcrust
    • By shortcrust 20th Mar 17, 7:07 PM
    • 1,252 Posts
    • 1,539 Thanks
    shortcrust
    You know, I think I just realised that my sarcasm detector is on the blink again.
    Originally posted by Penitent
    At least you're not alone.

    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.
    Originally posted by poppy10
    • AnotherJoe
    • By AnotherJoe 20th Mar 17, 7:09 PM
    • 6,824 Posts
    • 7,243 Thanks
    AnotherJoe
    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.
    Originally posted by poppy10
    Alert. Massive sense of humour failure detected.
    • juniordoc
    • By juniordoc 20th Mar 17, 7:26 PM
    • 113 Posts
    • 66 Thanks
    juniordoc
    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.
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