I was about to put in an offer but now what?

Knicknack

I assume increase offer back up.

booksurr

Stuart788 wrote: »

Well both are pretty important.

then choose one, because basing a significant life decision on the punditry you will obtain from an internet forum full of opinion from those with nothing better to do all day (and even less ability with the crystal ball than you have) is just plain madness

booksurr

solidpro wrote: »

Forgive me for being Naive but what legal position does 'offer accepted' mean?

I have everything in place and an offer accepted earlier this week, with a mortgage offer at £100k more than the property I've offered on. It's a long term investment with a high percentage of deposit (50%), so fairly confident with my position - but say now the mortgage doesn't come in at the interest rate, or their BTL calculation shoots up to 150% and somehow doesn't come in now the goalposts have moved...?

In theory, is an offer, just an offer until you sign on the dotted line?

cheers

you are buying a BTL and you don't even know the most basic thing of how the England/Wales/N Ireland property market works? Ask your solicitor, I'm sure they will be delighted to stick another £10 on your bill for the time they spend educating you (should take them about 30 seconds)

jimpix12

You may want to start looking at rental properties instead, I have a feeling you won't be spending this Christmas in your own place.

The middle class dream shot to pieces. Oh no!

If I were the OP I'd reduce my offer or pull out. I wouldn't proceed at this price, at the end of the day you'll be the one with negative equity, not the sanctimonious sorts on here - they'll have no sympathy if you come back in 6 months time moaning about it.

smile88egc

Now would be a terrible to time to proceed with an offer at the top end of your budget.

Sellers should be expecting a reduction in offers on the back of the leave vote. It should come as no surprise.

Knicknack

I might put off the 5 BTLs I was buying till August.

Phil_Spencer

Stuart788 wrote: »

Our plan was to purchase this as a starter home whilst we save up for a deposit on our next house and then to rent this start home out.

Oh well back to the drawing board :rotfl::rotfl::rotfl::j:j:D:D:beer:

dexterwolf

I don't understand why people think that the housing market is going to drop drastically. Yes you always get ups and downs but if we do struggle as a nation financially how are companies going to build houses quicker for our ever growing population?. Yes you might find a drop of 3/4% and then a rise but do you really think 10% could just be wiped off. Surely less homes and more people = prices staying at a similar price.

Bossworld

I'm absolutely gutted at the result, but even more so given we're in the middle of moving house.

Accepted an offer on ours, had our offer accepted and returned the purchase docs just on Weds. Still waiting on NatWest to provide the full mortgage offer (survey was meant to be done this week).

Have absolutely no idea what's going to happen, I'm anticipating our buyers trying to drop their price, don't know what we'll do for the one we're trying to buy. Drops, crashes etc. could be weeks, months or even years away, all that anyone can do is speculate.

What a horrible jingoistic mess this whole thing has started.

anchovypizza

Well the present government is now forecasting a 20% fall in house prices, that's assuming you believe what they were saying in the election campaign.