Anyone else terrified their buyer will pull out?

boo80

Willow101 wrote: »

My advice Brexit or otherwise is always the same:

Can you see yourself there for 2 / 3 / 5 years ? What if your circumstances change, could you cope? (Eg got married / had a baby etc)
Do you love the property enough?
Is it affordable without over stretching yourself?

If all this is true then you're likely going to be able weather the storm.

If concerned you can look at fixing your mortgage for longer, eg 5-10 years and getting some insurance for if you're ill / lose your job.

I'm not worried about buying the house at all. It's our dream home and because we're moving to a less expensive part of the country we won't have a mortgage. I'm terrified that our buyer will pull out and leave us in a financial mess (after paying out for survey/searches/solicitors etc there isn't much left in the pot!)

LittleMax

My sister is currently buying - she is not a first time buyer but in rented having sold her house 12 months ago. She is speaking to BS about changing from a tracker to fixed term mortgage, but other than that it's still the house she wanted and plans to stay there long term, so looking to proceed as agreed, although worried.

harrys_dad

All markets are based on confidence and confidence is based on certainty. There is now uncertainty, so confidence will fall. Who knows what effect that will have on the market?

It is also clear that this market is regionalised. The fall in the pound means that all those super expensive houses in London have just got 10% cheaper for their rich foreign buyers. At the other extreme, all those poorer areas that rely on EU funds for any development of industry/jobs etc will get poorer still and their market may get even weaker than it is at the moment. All other areas of course will be between these these two extremes, but where on that continuum nobody knows.

My house is my home, somewhere I live, not somewhere I invest in. Its price is not relevant to me as I don't intend to sell. Most people on here seem to be "moving up the ladder". When house prices fall then the rungs of the ladder get closer together, hence these people will be better off. The only important point when you sell and buy is the "price to change". The only people who lose out when house prices fall are those who want to downsize, and those who have overextended, especially if and when interest rates rise (which may be many years in the future). Oh, and also those beneficiaries of houses when people die.

If I was buying and selling now of course I would try to get a bigger reduction from my vendor than the one I offered my buyer.