To Exchange if we Brexit

david171

All I would like, is people opinions of what they would "honestly" do if they were in my situation.

I dont care about peoples beliefs on the EU, i only care about how Brexit is likely to influence the housing market and how immediate these changes will come into place. For example if house price fall as predicted by the government by 18%, thats £36,000 on a £200,000 purchase.

I dont know about other people but i dont have that amount of money to throw away!

This is real money!

If this was my forever home I would be less concerned but as its only a 5 year home, i should be thinking about the needs of me and my family not that of the vendors.

MissusP_2

I don't get it - the hypothetical negative equity is of no concern to your vendors - why would that be their issue to consider? I'm getting messed around by a buyer at the moment. Don't you think about your vendor and the things they are relying on because of this house sale? Bad form to think about messing them around at this late stage.

Davesnave

david171 wrote: »

All I would like, is people opinions of what they would "honestly" do if they were in my situation.

If I found myself contemplating this action, I would 'honestly' begin to doubt if I wanted this particular house.

kilby_007

david171 wrote: »

All I would like, is people opinions of what they would "honestly" do if they were in my situation.

I dont care about peoples beliefs on the EU, i only care about how Brexit is likely to influence the housing market and how immediate these changes will come into place. For example if house price fall as predicted by the government by 18%, thats £36,000 on a £200,000 purchase.

I dont know about other people but i dont have that amount of money to throw away!

This is real money!

If this was my forever home I would be less concerned but as its only a 5 year home, i should be thinking about the needs of me and my family not that of the vendors.

Of course you've got to look after your own interests, and if that means holding off a purchase until a later date then you take your chance that the property will sell to someone else in the meantime. What you don't do is get an offer accepted and then delay or mess about waiting for such an event to happen. You either have conviction in an offer now or you take your chances, humbly step out of the purchasing arena and wait. By all means drop your offer now if you think it reflects the current market in the area you've offered, but don't be surprised if it ends up sold to another buyer in a few days time. You can't have your cake and eat it. If you think prices will fall then there will be another suitable property waiting for you in the future.

[Deleted User]

kilby_007 wrote: »

Reported

:wall::wall::wall::wall::wall::wall::wall:

Takeaway_Addict

david171 wrote: »

Obviously when we offered some three months ago, Brexit didnt seem like a realistic worry!

Its a shame that isn't the case anymore, If you believe todays polls.

Realistic worry, Thankful opportunity...whichever way you look at it.

#voteleave

hcb42

david171 wrote: »

All I would like, is people opinions of what they would "honestly" do if they were in my situation.


.

I would exchange.

The time to worry about house prices falling and being in negative equity was before you got this far down the process. Brexit is not new news - we have known for a long time there was going to be a referendum, it wasn't dreamt up last month.

Samsonite1

If you really are that concerned about the referendum decision affecting your purchase, just say that you will wait until after 23rd June before committing. The vendor can then tell you to get lost or wait. You say that a few months ago you were not bothered about the referendum, so if you had bought the house then, would you now be stewing?

hazyjo

Traditionally, prices roughly double over 10 years. The prices may briefly be affected, but they'll eventually rise again in 5-10 years. I don't see why you couldn't wait it out. Overpay on the mortgage if it makes you feel better. Don't forget whatever you buy will be lower too if prices drop - and you may not be able to afford to move 'up' if the prices keep rising.

I am stunned to believe how many people on this board are panicking. I really don't get it. It will take a long time for anything to change, if indeed it does. So much bloody scaremongering about!

[deleted polls comment as confusing myself lol]

What I would HONESTLY do in your situation is pay the price you agreed. In your vendor's situation, I might have a few choice words

(#voteleave too!)

Jx

GaggingOrder

Is the OP crashytime, or one of the other house price crash prophets in disguise, trying to create Google searchable Web content about the impact of brexit on house prices?

And if it's not, and it's a serious questions, the amount you should change your offer by can be derived using this simple formula:

(Asking price - agreed sale price) x square root of zero.

House prices aren't like the stock exchange: trends take a long time to emerge. The property will be worth the same on June 24th as it was on June 23rd, that is whatever you (or someone else for that matter) are willing to pay for it.