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Staircasing and Brexit
lukecooper
Posts: 23 Forumite
Hi all,
My partner and I are currently going through the process of staircasing a shared ownership property. We are going from 40% to 100% ownership. The value of the house (and therefore the price we are paying for the further 60%) is based on a RICS Chartered Surveyor valuation which was made at the end of April 2016. We have just had our new mortgage approved, and have until the end of July 2016 to complete before we would require a further valuation.
What would you do- all the talk of falling house prices and deals falling through makes me think that perhaps we'd be better off re-valuing anyway in late July, but will that have been enough time for the market to have reacted to Brexit? Obviously if this was a straightforward purchase and it was our 'forever' house we would stick with it, but the fact is that the house will remain ours to live in whatever we were to do, and the fact this won't affect another person/couple in our position makes it worth consideration in my opinion.
I know that no-one has a crystal ball, but any advice welcome- what would you do?
Luke
My partner and I are currently going through the process of staircasing a shared ownership property. We are going from 40% to 100% ownership. The value of the house (and therefore the price we are paying for the further 60%) is based on a RICS Chartered Surveyor valuation which was made at the end of April 2016. We have just had our new mortgage approved, and have until the end of July 2016 to complete before we would require a further valuation.
What would you do- all the talk of falling house prices and deals falling through makes me think that perhaps we'd be better off re-valuing anyway in late July, but will that have been enough time for the market to have reacted to Brexit? Obviously if this was a straightforward purchase and it was our 'forever' house we would stick with it, but the fact is that the house will remain ours to live in whatever we were to do, and the fact this won't affect another person/couple in our position makes it worth consideration in my opinion.
I know that no-one has a crystal ball, but any advice welcome- what would you do?
Luke
0
Comments
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Which could also give lenders a chance to amend their mortgage terms once they have looked at the current effects and possible future effects.
Do YOU want to gamble on the price dropping AND still being able to get a new mortgage deal ? Your call. ATM nobody really knows what is going to happen in the next hour let alone 2 months time0
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