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  • FIRST POST
    • dk5294
    • By dk5294 20th Mar 17, 2:38 PM
    • 169Posts
    • 21Thanks
    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 2
    • AnotherJoe
    • By AnotherJoe 20th Mar 17, 8:00 PM
    • 7,218 Posts
    • 7,718 Thanks
    AnotherJoe
    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.
    Originally posted by juniordoc
    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
    • By juniordoc 20th Mar 17, 8:05 PM
    • 150 Posts
    • 101 Thanks
    juniordoc
    Well rates can hardly go down can they?! It doesn't take a genius to predict what will happen next....
    • G_M
    • By G_M 20th Mar 17, 8:58 PM
    • 41,028 Posts
    • 47,127 Thanks
    G_M
    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 Previously enacted laws stays in force even after leaving the EU until they are repealed by act of parliament.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
    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
    Last edited by G_M; 20-03-2017 at 9:01 PM.
    • AnotherJoe
    • By AnotherJoe 20th Mar 17, 10:38 PM
    • 7,218 Posts
    • 7,718 Thanks
    AnotherJoe
    Well rates can hardly go down can they?! It doesn't take a genius to predict what will happen next....
    Originally posted by juniordoc
    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%".
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