Exchanging this week but riots near flat!

zaksmum

I'd walk away.

poppysarah

I wouldn't be signing anything in the next few weeks.

serious_saver

RS89 wrote: »

Absolutely bricking it....!

What would you do?

I'm checking out the area to see how badly its been affected later this week... any other precautions?

If you're bricking it then imagine how the vendor feels. To be honest they have good reason to.

Just keep an eye on things and psychologically prepare yourself in case you do want to pull out. These riots are probably not going to do the housing market in the area any good in the short term.

JingleJangle

Where is this flat?

JingleJangle

To add, surely to walk away is a very knee jerk reaction to troubles which are likely to be over in the next day or so? The housing market didn't crash after the 7/7 bombings, which should this be any different? Providing the area you are buying in has not been razed to the ground surely all the things that attracted you to the area are still there? It is difficult to find any areas of London not at risk at the moment.

Procrastinator333

I would hold off for a week or 2. And I would also be sure to investigate insurance costs thoroughly. If buildings around the corner have been torched, you may find premiums go up 10 fold. And whatever you do, be sure to have it in place from the point of exchange. Could you imagine if you exchanged and it was then burnt down, but you had no insurance. :eek:

JingleJangle

Let's get this in perspective - random houses and flats are not getting torched. Only flats which happen to be above commercial premises. And even then, the morons are not torching the flats per se, but are just stupid enough to not realise that people live above shops.

miradene

The vendor will be counting the days 'till the exchange. I am sure they will be thinking that they are getting out at the right time.;)

I would just monitor the situation tonight and see what happens. It would be awful to have to pull out at this late stage but you must do what you feel is right.

Have you had a look - during the day - at the area to see what has been going on / if the property has been affected?

x

Procrastinator333

JingleJangle wrote: »

Let's get this in perspective - random houses and flats are not getting torched. Only flats which happen to be above commercial premises. And even then, the morons are not torching the flats per se, but are just stupid enough to not realise that people live above shops.

You think that would stop insurance companies using it as an excuse for an increased premium?

JingleJangle

Probably not, but an increased insurance premium wouldn't be a dealbreaker on a house for me.