To Exchange if we Brexit

Clutterfree

OP hasn't bothered to update us on his decision anyway....

Nobbie1967

Miss_Samantha wrote: »

If you want to ignore everything, good for you.

But then there is no informed debate to have in the same way that it isn't possible to have an informed debate with a cult.

This is unfortunately the reason the national has been of dismal quality. People do not want to think as it is too complicated and prevents simplistic views.

So, ignore everything, just believe in the cult leaders, all of your wildest dreams will come true. Or... perhaps the hangover will be brutal.

Your idea of debate seems to be to state a position and then belittle anyone who puts an alternative view. There have actually been many informed debates held all around the country. Dan Hannan has taken part in loads with a variety of people from the remain camp. They get the audiences to vote at the start and at the end on whether to leave the EU, and the funny thing is, after the subject has been properly debated without all the hyperbole from the campaigns, the the leave argument seems to win every time, whereas going into the debate the vote is generally for remain.

The problem for the OP is that there is so much hyperbole about the catastrophic effects of Brexit that it's in danger of becoming a self fulfilling prophesy. The latest from Cameron is that this is an 'existential choice' , I.e. This is a choice about the very existence of the nation:rotfl:

david171

loufsun wrote: »

Ignore all the comments from leave supporters who are trying to downplay the dangers of a leave vote.

Thanks so much for your measured and considered reply. I sometimes think people on these forums forget, that this is a real concern for buyers, as well as sellers and this is real money!, We are not trying to shaft or immorally railroad sales but just ensure that we arn't landing ourselves with a massive negative equity burden.

loufsun - do you mind sharing if you plan to continue with the sale if you brexit and would you expect a reduction.

Davesnave

loufsun wrote: »

I didn't say ignore all the leave lot and I didn't say listen to me I know it all. .

Originally Posted by loufsun
"Ignore all the comments from leave supporters who are trying to downplay the dangers of a leave vote."

OK.

"However, that fall is not going to be 18% as the chancellor says...."

Right.

"Less expensive and less popular areas will probably see more steady decrease as the buying power of people will go down. Banks will increase lending criteria as it happened in the last financial crisis. People will need more deposits etc."

Got it.

Did I say anywhere that you think you know it all? I said you were making personal predictions, which is what the above seem to be. they seem no different to me from the predictions made by people with other views.

Clutterfree

david171 wrote: »

Thanks so much for your measured and considered reply. I sometimes think people on these forums forget, that this is a real concern for buyers, as well as sellers and this is real money!, We are not trying to shaft or immorally railroad sales but just ensure that we arn't landing ourselves with a massive negative equity burden.

loufsun - do you mind sharing if you plan to continue with the sale if you brexit and would you expect a reduction.

And perhaps you have forgotten that this is REAL money to your vendor too!
I really don't know why you asked the question because it seems you've already made up your mind to reduce your offer if the vote is leave.

I asked earlier, if the vote is remain, how much more should your vendor ask you to increase your offer? Would you be happy with that?

Or does it not work that way? Heads you win, tails they lose?!

Hope you're not part of my chain. Perhaps you have forgotten, that these are REAL people with REAL lives too.

david171

Clutterfree wrote: »

And perhaps you have forgotten that this is REAL money to your vendor too!

We are selling our buy to let at the same time! - so we are vendors too! But we are not in chain - we dont need to sell to buy the new house.

I fully expect the buyer to pull out if we brexit or ask for reduction. This a 2 up 2 down in Manchester, no garden, no good schools, great transport links though - 10 mins to city citer on metro - its definitely a FTB house, for professionals without kids.

Our buyers are FTB with 5% deposit and we are preparing ourselves if we brexit for a difficult conversation. we certainly wont hold it against them, we appreciate that should we brexit they will have similar concerns to us about negative equity.

Indeed we the sellers are concerned that any equity we have acquired will be wiped out should we brexit - thankfully if this happens and they do pull out we can just keep letting the property out but the house we are buying is worth considerably more and we would need to sell it in order to move up the ladder in 5 years time or so.

loufsun

I am not sure how I will proceed if brexit happens. I will definitely ask for a reduction of a value I think will minimise the dangers of negative equity in short term of 2 years. That I believe in my case is going to be 4-5%. If the vendor disagrees or if we cannot negotiate then I will walk away. Then I will see if they get the same price or less. I also expect the buyers of my flat to renegotiate as well. That decision will also go hand in hand with the house I am buying. It's likely that the whole thing will collapse. Yet it's not the end of the world for us because we still have our flat.

If you are desperate to get a place then you cannot negotiate because you have to factor in all reasons that makes you so wanting of that house such as moving to another city for job and you need the place, you really don't want to rent, that's tour dream house etc. It's not that life or death for us.

For all those keep posting that the buyers have a responsibility towards sellers; I completely disagree with this. I am a buyer and a seller. I only have responsibility for myself and my family especially when such large amounts are involved. Housing market is messed up in UK. We spend less time making offers of hundreds of thousands than bidding on eBay. People have consumer rights of all sorts to return anything they buy but no safe guard when buying the most expensive thing in their life. So I totally feel fine if my buyer re-negotiates or pulls off. I don't have to agree, I might agree but I won't be upset with them until I feel that they are trying to cheat me.

hazyjo

david171 wrote: »

Clutterfree wrote: »

We are selling our buy to let at the same time! - so we are vendors too! But we are not in chain - we dont need to sell to buy the new house.

...

Indeed we the sellers are concerned that any equity we have acquired will be wiped out should we brexit - thankfully if this happens and they do pull out we can just keep letting the property out but the house we are buying is worth considerably more and we would need to sell it in order to move up the ladder in 5 years time or so.

What's your LTV? Sounds like you have a lot of cash going into the property so is negative equity really a concern? If the price falls, will you owe more on your mortgage than what the house is worth? (Am sure I asked that earlier, but maybe mixing it up with another.) If you sell for less than you paid, it doesn't automatically mean 'negative equity'.


Also, I'm sure I said about all prices dropping - if you want to move up 'the ladder', what you want will be MUCH more affordable than if all prices rise (even if your own property does fall in value). You may find that next 'rung' is always out of reach.


I once had a two bed Victorian house that I only made a grand on in several years when I sold when the recession hit, despite spending loads on it (roof, kitchen, boiler, etc). However, it enabled me & my then husband to buy a four storey, four bed house in a very desirable area which we'd never have afforded otherwise - we paid around £435k in 2013 and it's now worth more like £700k. Sometimes it can be beneficial moving up in a static or falling market.


Jx

cashbackproblems

Its looking ever more likely we will remain

However, as I said earlier your main concern should be this part ownership con, you will forever still be throwing money down the drain.

Southerner3000

hazyjo wrote: »

david171 wrote: »

What's your LTV? Sounds like you have a lot of cash going into the property so is negative equity really a concern? If the price falls, will you owe more on your mortgage than what the house is worth? (Am sure I asked that earlier, but maybe mixing it up with another.) If you sell for less than you paid, it doesn't automatically mean 'negative equity'.


Also, I'm sure I said about all prices dropping - if you want to move up 'the ladder', what you want will be MUCH more affordable than if all prices rise (even if your own property does fall in value). You may find that next 'rung' is always out of reach.


I once had a two bed Victorian house that I only made a grand on in several years when I sold when the recession hit, despite spending loads on it (roof, kitchen, boiler, etc). However, it enabled me & my then husband to buy a four storey, four bed house in a very desirable area which we'd never have afforded otherwise - we paid around £435k in 2013 and it's now worth more like £700k. Sometimes it can be beneficial moving up in a static or falling market.


Jx

Someone gets it!!


Everything is relative. if prices fall 10% and you bought your house for £250k you have only 'lost' £25k whereas a £500k house loses £50k.


Moving to this bigger home saves you £25k more than if house prices remained the same. Alternatively a continued increase will make it further and further out of reach and more likely that you will be 'stuck'